https://www.taxtmi.com/caselaws?id=70613 Penalty for filing an under-estimate of advance tax was found unsustainable because the assessee filed the estimate on time, paid advance tax in line with that estimate, and the eventual shortfall was marginal. The record showed bona fide conduct in making the estimate, and the Revenue failed to prove that the estimate was knowingly false or that the assessee had reason to believe it was untrue. The alleged default was treated as only technical, and the statutory culpability needed for penalty was not established, so the penalty was cancelled. en-us Wed, 29 Aug 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:28:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70613 Penalty for filing an under-estimate of advance tax was found unsustainable because the assessee filed the estimate on time, paid advance tax in line with that estimate, and the eventual shortfall was marginal. The record showed bona fide conduct in making the estimate, and the Revenue failed to prove that the estimate was knowingly false or that the assessee had reason to believe it was untrue. The alleged default was treated as only technical, and the statutory culpability needed for penalty was not established, so the penalty was cancelled. Case-Laws Income Tax Wed, 29 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70613