https://www.taxtmi.com/caselaws?id=10570 Penalty under section 273(2)(a) of the Income-tax Act applies only where the assessee furnishes an estimate known, or reasonably believed, to be untrue and the statutory shortfall is established. The relevant comparison is the tax actually paid during the financial year against 75% of the assessed tax, or the amount payable under section 210 notice, whichever is less. Advance-tax payments made before the close of the financial year, even if delayed beyond the due date, must be included in the computation. On the stated facts, no qualifying shortfall existed, so no penalty was leviable. en-us Wed, 03 Nov 2004 00:00:00 +0530 Fri, 17 Jul 2009 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10570 Penalty under section 273(2)(a) of the Income-tax Act applies only where the assessee furnishes an estimate known, or reasonably believed, to be untrue and the statutory shortfall is established. The relevant comparison is the tax actually paid during the financial year against 75% of the assessed tax, or the amount payable under section 210 notice, whichever is less. Advance-tax payments made before the close of the financial year, even if delayed beyond the due date, must be included in the computation. On the stated facts, no qualifying shortfall existed, so no penalty was leviable. Case-Laws Income Tax Wed, 03 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10570