1982 (4) TMI 161 - AT - Income Tax

Summary

The ITAT Madras cancelled the penalty of Rs. 524 under section 273(c) imposed by the ITO on the assessee for failure to file an estimate under section 212(3A). The tribunal found the assessee's explanation reasonable and allowed the appeal. The penalty was deemed unjustified due to the circumstances surrounding the delay in obtaining accurate income figures.