https://www.taxtmi.com/caselaws?id=25067 For computing penalty under section 271(1)(a) of the Income-tax Act, the Explanation's definition of "assessed tax" requires deduction of advance tax paid during the relevant financial year, even if paid after the prescribed instalment date. The expression "paid in advance" was construed to cover all advance tax actually remitted within that financial year under Chapter XVII-C, because the penalty provision operates after the year-end and a narrower reading would defeat the purpose of the Explanation. The result is that such late-paid advance tax must be deducted while computing assessed tax, which favours the assessee. en-us Thu, 19 Nov 1987 00:00:00 +0530 Mon, 25 Jan 2010 11:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25067 For computing penalty under section 271(1)(a) of the Income-tax Act, the Explanation's definition of "assessed tax" requires deduction of advance tax paid during the relevant financial year, even if paid after the prescribed instalment date. The expression "paid in advance" was construed to cover all advance tax actually remitted within that financial year under Chapter XVII-C, because the penalty provision operates after the year-end and a narrower reading would defeat the purpose of the Explanation. The result is that such late-paid advance tax must be deducted while computing assessed tax, which favours the assessee. Case-Laws Income Tax Thu, 19 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25067