https://www.taxtmi.com/caselaws?id=14840 Penalty under section 273(a) of the Income-tax Act applies only if the Revenue proves that the assessee furnished an advance-tax estimate it knew or had reason to believe was untrue. A mere difference between the estimate and the income later returned or assessed is not enough to sustain penalty, because an advance-tax estimate is inherently approximate. On the facts noted, the estimate was based on the books of account, the additions made did not by themselves displace the loss position, and the remaining matters were factually disputed without evidence of intentional distortion. Penalty was therefore not leviable. en-us Thu, 03 Aug 2000 00:00:00 +0530 Thu, 23 Jul 2009 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14840 Penalty under section 273(a) of the Income-tax Act applies only if the Revenue proves that the assessee furnished an advance-tax estimate it knew or had reason to believe was untrue. A mere difference between the estimate and the income later returned or assessed is not enough to sustain penalty, because an advance-tax estimate is inherently approximate. On the facts noted, the estimate was based on the books of account, the additions made did not by themselves displace the loss position, and the remaining matters were factually disputed without evidence of intentional distortion. Penalty was therefore not leviable. Case-Laws Income Tax Thu, 03 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14840