1998 (4) TMI 115 - HC - Income Tax

Summary

The High Court of Andhra Pradesh dismissed the Revenue's application seeking a direction to refer a question regarding the imposition of penalty under section 273(2)(a)/273(2)(aa) when interest under section 215 was partly waived. The Tribunal canceled the penalty imposed on the assessee, a public limited company engaged in the transport business, for filing an untrue estimate of advance tax liability. The Tribunal's decision was upheld, stating that penalty cannot be imposed when interest is waived.