https://www.taxtmi.com/caselaws?id=22840 Advance tax paid on a revised estimate before the end of the relevant financial year, and accepted as advance tax in assessment proceedings, must be treated as tax actually paid when applying section 273(a) of the Income-tax Act, 1961. Penalty under that provision depends on a shortfall in the prescribed tax payment and on a finding that the assessee's estimate was knowingly untrue or believed to be untrue. In the absence of such a finding, and where the Department had accepted the payment as advance tax in assessment, penalty could not be sustained. Ambiguity in a penal provision was resolved in favour of the assessee. en-us Thu, 14 Jun 1990 00:00:00 +0530 Mon, 14 Dec 2009 14:15:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22840 Advance tax paid on a revised estimate before the end of the relevant financial year, and accepted as advance tax in assessment proceedings, must be treated as tax actually paid when applying section 273(a) of the Income-tax Act, 1961. Penalty under that provision depends on a shortfall in the prescribed tax payment and on a finding that the assessee's estimate was knowingly untrue or believed to be untrue. In the absence of such a finding, and where the Department had accepted the payment as advance tax in assessment, penalty could not be sustained. Ambiguity in a penal provision was resolved in favour of the assessee. Case-Laws Income Tax Thu, 14 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22840