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<h1>False estimate of advance tax triggers enhanced penalty for underpayment where estimate was untrue or not furnished.</h1> The substituted section empowers the Income-tax Officer, during regular assessment proceedings for the 1970-71 assessment year and thereafter, to impose a penalty where an assessee has furnished a knowingly untrue estimate of advance tax or has without reasonable cause failed to furnish an estimate under specified subsections of section 212. Penalties are graded by default type and are calculated as prescribed minimums up to one and a half times quantified shortfalls or proportions of the assessed tax, payable in addition to tax due.
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