2003 (3) TMI 34

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..... Tribunal was right in law and had valid materials in cancelling the penalty levied under section 273(2)(b) of the Income-tax Act, 1961 - - - - - Dated:- 20-3-2003 - Judge(s) : R. JAYASIMHA BABU., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court was delivered by R. JAYASIMHA BABU J.-The assessment year is 1982-83. At the instance of the Revenue, the following question has been refe .....

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..... g Officer for not having furnished the estimate of the advance tax payable. Though the Commissioner had upheld that penalty, the Tribunal set aside the same. The reasons given by the Tribunal for setting aside the order of the Commissioner, in its own words, are: "During this period it is possible that the assessee was weighing the pros and cons of submitting evidence to explain the source of in .....

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..... he discretion in favour of the assessee for reasons with which we may not wholly concur, we do not consider it appropriate to interfere with that exercise of discretion on the sole ground that had this court exercised that discretion, it would have done so in a different manner. The Tribunal has adopted a very generous and liberal approach in this matter, but that by itself would not suffice for u .....

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