https://www.taxtmi.com/caselaws?id=9331 Penalty for filing an allegedly untrue advance-tax estimate is not attracted unless the estimate was known, or there was reason to believe it was untrue, when it was furnished. A later rise in profits or a failure to revise the estimate does not retrospectively make an honest estimate dishonest. Penal provisions must be construed strictly, and liability cannot rest solely on the assessed income ultimately exceeding the estimate. The stated principle is that contemporaneous falsity, not subsequent events, governs penalty exposure under section 18A(9) read with section 28(1)(c). en-us Tue, 09 Oct 1973 00:00:00 +0530 Mon, 22 Jun 2009 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9331 Penalty for filing an allegedly untrue advance-tax estimate is not attracted unless the estimate was known, or there was reason to believe it was untrue, when it was furnished. A later rise in profits or a failure to revise the estimate does not retrospectively make an honest estimate dishonest. Penal provisions must be construed strictly, and liability cannot rest solely on the assessed income ultimately exceeding the estimate. The stated principle is that contemporaneous falsity, not subsequent events, governs penalty exposure under section 18A(9) read with section 28(1)(c). Case-Laws Income Tax Tue, 09 Oct 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9331