https://www.taxtmi.com/caselaws?id=29330 The High Court of Calcutta upheld the Tribunal's decision to reduce the penalty for default in advance tax payment to Rs. 9,505, based on the revised advance tax estimate filed by the assessee. The court emphasized that the estimate supersedes the original demand amount, as per sections 210, 212, and 218 of the Income-tax Act, 1961. The judgment favored the assessee, following the principle of taking a view favorable to the taxpayer in penalty provisions. The court found the decision in line with relevant provisions and previous case law, with no order as to costs. en-us Wed, 18 Feb 1981 00:00:00 +0530 Fri, 12 Mar 2010 12:15:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29330 The High Court of Calcutta upheld the Tribunal's decision to reduce the penalty for default in advance tax payment to Rs. 9,505, based on the revised advance tax estimate filed by the assessee. The court emphasized that the estimate supersedes the original demand amount, as per sections 210, 212, and 218 of the Income-tax Act, 1961. The judgment favored the assessee, following the principle of taking a view favorable to the taxpayer in penalty provisions. The court found the decision in line with relevant provisions and previous case law, with no order as to costs. Case-Laws Income Tax Wed, 18 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29330