https://www.taxtmi.com/caselaws?id=61083 The Revenue filed an appeal against the AAC's order on the assessment of income for an assessee-firm. The ITO initially determined income at Rs. 2,38,850, later reduced to Rs. 1,64,150 after appeals. The issue of separate assessments for two periods was raised. Penalty proceedings under section 273 were initiated for wrong advance tax estimate, resulting in a penalty of Rs. 1,115 imposed by the AAC. The Tribunal corrected the penalty calculation to Rs. 616, stating no restoration was needed as the AAC's penalty exceeded the correct amount. The appeal was dismissed for statistical purposes. en-us Wed, 30 Nov 1977 00:00:00 +0530 Mon, 10 Jan 2011 17:30:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61083 The Revenue filed an appeal against the AAC's order on the assessment of income for an assessee-firm. The ITO initially determined income at Rs. 2,38,850, later reduced to Rs. 1,64,150 after appeals. The issue of separate assessments for two periods was raised. Penalty proceedings under section 273 were initiated for wrong advance tax estimate, resulting in a penalty of Rs. 1,115 imposed by the AAC. The Tribunal corrected the penalty calculation to Rs. 616, stating no restoration was needed as the AAC's penalty exceeded the correct amount. The appeal was dismissed for statistical purposes. Case-Laws Income Tax Wed, 30 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61083