https://www.taxtmi.com/caselaws?id=9193 Penalty under section 18A(9)(a) of the Indian Income-tax Act, 1922 can be sustained where the surrounding circumstances show that advance-tax estimates were knowingly false; repeated and substantial understatement of estimated income, despite material available to form a realistic estimate, justified the inference of deliberate falsity and the Tribunal's factual findings were not open to fresh reappraisal. For transitional purposes under section 297(2), an assessment is completed when the assessing authority passes the assessment order, not when appellate or reference proceedings end, so assessments completed before 1 April 1962 remained governed by the 1922 Act rather than the Income-tax Act, 1961. The penalties were therefore sustained under the 1922 Act. en-us Fri, 29 Sep 1972 00:00:00 +0530 Sat, 20 Jun 2009 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9193 Penalty under section 18A(9)(a) of the Indian Income-tax Act, 1922 can be sustained where the surrounding circumstances show that advance-tax estimates were knowingly false; repeated and substantial understatement of estimated income, despite material available to form a realistic estimate, justified the inference of deliberate falsity and the Tribunal's factual findings were not open to fresh reappraisal. For transitional purposes under section 297(2), an assessment is completed when the assessing authority passes the assessment order, not when appellate or reference proceedings end, so assessments completed before 1 April 1962 remained governed by the 1922 Act rather than the Income-tax Act, 1961. The penalties were therefore sustained under the 1922 Act. Case-Laws Income Tax Fri, 29 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9193