https://www.taxtmi.com/caselaws?id=200680 Section 18A(9)(a) is a penal provision and must be construed strictly; penalty for an advance-tax estimate arises only if, when furnishing it, the assessee knew or had reason to believe the estimate was untrue. A later increase in income, or failure to file a revised estimate, does not by itself prove the requisite mens rea. On the facts, the estimate was treated as honest and fair on the basis of the accounts and prevailing income trend, and there was insufficient material to show it was false when submitted. Penalty was therefore not exigible. en-us Thu, 15 Feb 1962 00:00:00 +0530 Thu, 12 Apr 2018 15:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200680 Section 18A(9)(a) is a penal provision and must be construed strictly; penalty for an advance-tax estimate arises only if, when furnishing it, the assessee knew or had reason to believe the estimate was untrue. A later increase in income, or failure to file a revised estimate, does not by itself prove the requisite mens rea. On the facts, the estimate was treated as honest and fair on the basis of the accounts and prevailing income trend, and there was insufficient material to show it was false when submitted. Penalty was therefore not exigible. Case-Laws Income Tax Thu, 15 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200680