https://www.taxtmi.com/caselaws?id=61124 The appellate tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 37,000 imposed by the ITO under Section 273(a) of the IT Act, 1961. The tribunal found that the assessee had provided justifications for its estimated income and that there was no evidence to prove that the estimate was knowingly untrue. Consequently, the Revenue's appeal was dismissed. en-us Mon, 08 Sep 1980 00:00:00 +0530 Tue, 11 Jan 2011 10:21:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61124 The appellate tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 37,000 imposed by the ITO under Section 273(a) of the IT Act, 1961. The tribunal found that the assessee had provided justifications for its estimated income and that there was no evidence to prove that the estimate was knowingly untrue. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 08 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61124