https://www.taxtmi.com/caselaws?id=21953 The court upheld the levy of penalty under section 273(c) of the Income-tax Act, 1961, for the assessment year 1973-74. It ruled in favor of the tax authorities, emphasizing the mandatory nature of filing income estimates and paying advance tax when the correct income exceeds the estimated income significantly. The court clarified the obligations of both the Income-tax Officer and the assessee, highlighting the importance of compliance with the relevant provisions to prevent exploitation of procedural gaps. The decision affirmed the imposition of the penalty under section 273(c. en-us Thu, 01 Aug 1991 00:00:00 +0530 Sat, 05 Dec 2009 10:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21953 The court upheld the levy of penalty under section 273(c) of the Income-tax Act, 1961, for the assessment year 1973-74. It ruled in favor of the tax authorities, emphasizing the mandatory nature of filing income estimates and paying advance tax when the correct income exceeds the estimated income significantly. The court clarified the obligations of both the Income-tax Officer and the assessee, highlighting the importance of compliance with the relevant provisions to prevent exploitation of procedural gaps. The decision affirmed the imposition of the penalty under section 273(c. Case-Laws Income Tax Thu, 01 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21953