https://www.taxtmi.com/caselaws?id=21424 The High Court ruled in favor of the assessee, holding that the penalty under section 273(2)(c) of the Income-tax Act, 1961, was not justified. The Court emphasized that the penalty provision applies to the failure to furnish an estimate of advance tax, not to the failure to pay the advance tax as per the estimate. Therefore, the penalty imposed on the assessee was canceled as the Tribunal correctly interpreted the provisions, leading to the High Court upholding the decision. en-us Mon, 27 Jul 1992 00:00:00 +0530 Tue, 24 Nov 2009 12:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21424 The High Court ruled in favor of the assessee, holding that the penalty under section 273(2)(c) of the Income-tax Act, 1961, was not justified. The Court emphasized that the penalty provision applies to the failure to furnish an estimate of advance tax, not to the failure to pay the advance tax as per the estimate. Therefore, the penalty imposed on the assessee was canceled as the Tribunal correctly interpreted the provisions, leading to the High Court upholding the decision. Case-Laws Income Tax Mon, 27 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21424