1988 (2) TMI 112 - AT - Income Tax

Summary

The ITAT Chandigarh upheld the appeal by the assessee against a penalty of Rs. 2,900 imposed by the ITO under section 273(A) for assessment year 1976-77. The ITAT found that the assessee's estimate of income was based on available information and annulled the penalty, reducing it to 10%. The appeal was allowed.