1980 (4) TMI 202 - AT - Income Tax

Summary

The appeal was against a penalty imposed under section 273(c) of the IT Act, 1961 for failure to file an estimate of income. The tribunal canceled the penalty as the assessee was not deemed conscious of the income increase from a firm and the firm itself did not file an estimate. The appeal was allowed. (Case: Appellate Tribunal ITAT MADRAS-B, Citation: 1980 (4) TMI 202 - ITAT MADRAS-B)