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2003 (3) TMI 34 - MADRAS HIGH COURTPenalty under section 273(2)(b) – non furnishing of estimate of the advance tax payable - levy of penalty under section 273(2)(b) is a matter of discretion. The discretion available to the Assessing Officer was equally available to the appellate authorities - Tribunal was right in law and had valid materials in cancelling the penalty levied under section 273(2)(b) of the Income-tax Act, 1961
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