1976 (2) TMI 76 - AT - Income Tax

Summary

The appeal was against the levy of penalty under s. 273(a) of the Act, reduced by the AAC from Rs. 5,000 to Rs. 681. The assessee, a cine artist, filed an estimate in January 1971 showing income of Rs. 46,000. The AAC accepted the assessee's claim, stating no penalty is exigible as the estimate was within permissible limits. The penalty of Rs. 681 imposed by the AAC was cancelled on appeal.