1993 (3) TMI 165 - AT - Income Tax

Summary

The Appellate Tribunal ITAT INDORE upheld the appeal of the assessee firm regarding the penalty of Rs. 1,500 under s. 273(2)(aa) of the IT Act, 1961 for the asst. yr. 1980-81. The Tribunal found that the penalty was unjustified as the revised estimate of advance tax was not proven to be untrue to the knowledge or belief of the assessee. The penalty was deleted, and the appeal was allowed. (1993 (3) TMI 165 - ITAT INDORE)