1981 (11) TMI 127 - AT - Income Tax

Summary

The ITAT Madras-D allowed the appeal by the assessee against a penalty of Rs. 5,722 imposed for filing an untrue income estimate for the assessment year 1972-73. The Tribunal held that the estimate filed by the assessee on 15th September 1971 was not untrue, as the assessee could not have foreseen the correct income from two firms due to ongoing disputes between partners, and therefore, canceled the penalty.