https://www.taxtmi.com/caselaws?id=70579 Penalty under section 273(a) for an alleged untrue advance tax estimate requires proof that the estimate was knowingly false or without reasonable basis on the filing date. The assessee's estimate was made on 15 September 1971 using income then reasonably ascertainable, while share income from partner firms could not be finally determined because their accounts were closed later amid disputes. The estimate also aligned with the earlier loss position. On those facts, the estimate was treated as bona fide and not untrue, so no penalty was leviable and the penalty was cancelled. en-us Thu, 12 Nov 1981 00:00:00 +0530 Mon, 18 Apr 2011 10:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70579 Penalty under section 273(a) for an alleged untrue advance tax estimate requires proof that the estimate was knowingly false or without reasonable basis on the filing date. The assessee's estimate was made on 15 September 1971 using income then reasonably ascertainable, while share income from partner firms could not be finally determined because their accounts were closed later amid disputes. The estimate also aligned with the earlier loss position. On those facts, the estimate was treated as bona fide and not untrue, so no penalty was leviable and the penalty was cancelled. Case-Laws Income Tax Thu, 12 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70579