1980 (12) TMI 77 - AT - Income Tax

Summary

The Revenue appealed against the cancellation of a penalty by the CIT (Appeals) under section 273(c) by the ITO. The assessee, a commission agent, had difficulty in estimating income due to the nature of the commission agreement with the principals. The ITAT Calcutta upheld the CIT (Appeals) decision, stating that the assessee had genuine reasons for not filing a revised return and should not be penalized under section 273(c).