1980 (12) TMI 64 - AT - Income Tax

Summary

The appeal was against the cancellation of a penalty of Rs. 14,000 under s. 273(a) for asst. yr. 1974-75. The ITO's erroneous view of law led to the penalty, but the AAC cancelled it, stating that the assessee's nil estimate was justified due to uncertainty of relief under s. 80J. The Tribunal upheld the cancellation of the penalty.