https://www.taxtmi.com/caselaws?id=20364 The High Court of Gujarat ruled in favor of the Revenue, allowing the imposition of a penalty under section 273(c) of the Income-tax Act, 1961 for the default in furnishing advance tax estimates by the assessee for the assessment year 1970-71. The Court held that the penalty provision was applicable to the relevant proceedings, emphasizing the statutory liability and effective date of the penalty provision. As a result, the Court concluded that the penalty could indeed be imposed for the non-compliance with the advance tax estimate requirement, deciding against the assessee without any order as to costs. en-us Wed, 07 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 15:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20364 The High Court of Gujarat ruled in favor of the Revenue, allowing the imposition of a penalty under section 273(c) of the Income-tax Act, 1961 for the default in furnishing advance tax estimates by the assessee for the assessment year 1970-71. The Court held that the penalty provision was applicable to the relevant proceedings, emphasizing the statutory liability and effective date of the penalty provision. As a result, the Court concluded that the penalty could indeed be imposed for the non-compliance with the advance tax estimate requirement, deciding against the assessee without any order as to costs. Case-Laws Income Tax Wed, 07 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20364