https://www.taxtmi.com/caselaws?id=5318 Advance tax paid by the assessee on 26 March 1965 was treated as a valid payment for computing the base of penalty under section 273(b) of the Income-tax Act, 1961. The Court accepted the High Court's view that, on the facts and circumstances, the amount could be deducted from 75% of the tax determined when arriving at the penalty basis. The question was answered against the Revenue, and the payment was recognised as deductible in the penalty computation. en-us Thu, 22 Nov 1990 00:00:00 +0530 Fri, 31 Aug 2018 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5318 Advance tax paid by the assessee on 26 March 1965 was treated as a valid payment for computing the base of penalty under section 273(b) of the Income-tax Act, 1961. The Court accepted the High Court's view that, on the facts and circumstances, the amount could be deducted from 75% of the tax determined when arriving at the penalty basis. The question was answered against the Revenue, and the payment was recognised as deductible in the penalty computation. Case-Laws Income Tax Thu, 22 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5318