https://www.taxtmi.com/caselaws?id=7794 Penalty for furnishing advance-tax estimates that were not honestly made was upheld where the assessee, engaged in a fluctuating jute and hemp business, filed estimates early in the accounting year but later had enough information before the revised-estimate deadline to know the true position and did not revise them. The failure to file a revised estimate was treated as a relevant circumstance in assessing the assessee's state of mind when the original estimate was filed. On those materials, the court found that the estimates were known, or had reason to be believed, to be untrue, and sustained the penalties under the Indian Income-tax Act, 1922. en-us Thu, 05 Jun 1969 00:00:00 +0530 Thu, 19 Mar 2009 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7794 Penalty for furnishing advance-tax estimates that were not honestly made was upheld where the assessee, engaged in a fluctuating jute and hemp business, filed estimates early in the accounting year but later had enough information before the revised-estimate deadline to know the true position and did not revise them. The failure to file a revised estimate was treated as a relevant circumstance in assessing the assessee's state of mind when the original estimate was filed. On those materials, the court found that the estimates were known, or had reason to be believed, to be untrue, and sustained the penalties under the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 05 Jun 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7794