https://www.taxtmi.com/caselaws?id=60983 The Tribunal allowed the appeal, canceling the penalty imposed by the ITO and confirmed by the AAC. The appellant was not obligated to file the estimate of income under all circumstances until the due date of the first installment, as per section 209A, as it believed its income was below the taxable limit. The Tribunal found that the ITO did not provide an opportunity for the appellant to substantiate its belief before rejecting it, leading to the cancellation of the penalty. en-us Mon, 15 Mar 1982 00:00:00 +0530 Mon, 10 Jan 2011 12:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60983 The Tribunal allowed the appeal, canceling the penalty imposed by the ITO and confirmed by the AAC. The appellant was not obligated to file the estimate of income under all circumstances until the due date of the first installment, as per section 209A, as it believed its income was below the taxable limit. The Tribunal found that the ITO did not provide an opportunity for the appellant to substantiate its belief before rejecting it, leading to the cancellation of the penalty. Case-Laws Income Tax Mon, 15 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60983