https://www.taxtmi.com/caselaws?id=67135 Penalty for furnishing a revised advance tax estimate as allegedly untrue requires proof that the estimate was false to the assessee's knowledge or belief. The penalty order failed to identify how the estimate was untrue or show application of mind to the statutory ingredients, relying only on assessed income. The assessee's explanation that the revised estimate was made before accounts were finalised and on an uncertain estimate of income was accepted. On that basis, the penalty under section 273(2)(aa) was held unjustified and deleted. en-us Wed, 31 Mar 1993 00:00:00 +0530 Wed, 09 Mar 2011 12:20:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67135 Penalty for furnishing a revised advance tax estimate as allegedly untrue requires proof that the estimate was false to the assessee's knowledge or belief. The penalty order failed to identify how the estimate was untrue or show application of mind to the statutory ingredients, relying only on assessed income. The assessee's explanation that the revised estimate was made before accounts were finalised and on an uncertain estimate of income was accepted. On that basis, the penalty under section 273(2)(aa) was held unjustified and deleted. Case-Laws Income Tax Wed, 31 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67135