https://www.taxtmi.com/caselaws?id=200679 Penalty for an advance-tax estimate was upheld because the estimate was not shown to be an honest one based on the accounts available when it was filed. The court found a substantial disparity between the estimated and assessed income, and the assessee failed to explain the basis of the estimate or to show that it reflected the then existing accounts. On that record, the finding that the assessee knew or had reason to believe the estimate was untrue was sustained, and the levy of penalty was held lawful. en-us Mon, 17 Aug 1964 00:00:00 +0530 Thu, 12 Apr 2018 15:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200679 Penalty for an advance-tax estimate was upheld because the estimate was not shown to be an honest one based on the accounts available when it was filed. The court found a substantial disparity between the estimated and assessed income, and the assessee failed to explain the basis of the estimate or to show that it reflected the then existing accounts. On that record, the finding that the assessee knew or had reason to believe the estimate was untrue was sustained, and the levy of penalty was held lawful. Case-Laws Income Tax Mon, 17 Aug 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200679