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2003 (9) TMI 70 - GUJARAT HIGH COURTPenalty levied under section 273(2)(a) - estimate of advance tax - bona fide belief - Tribunal has rightly held that merely because an assessee is assessed at a higher figure that by itself is not sufficient to hold that the estimate filed by the assessee was untrue resulting in the assessee being penalised for filing an incorrect estimate. The provision requires that the estimate must be false, viz., that the assessee knew or had reason to believe that the estimate of advance tax was untrue. - In the present case, the assessee has pleaded a bona fide belief as regards the applicable provisions to the facts of the case - Tribunal is right in law and on facts in cancelling the penalty
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