https://www.taxtmi.com/caselaws?id=35777 Penalty under section 273 of the Income-tax Act was held to apply only where the assessee furnished an advance-tax estimate it knew, or had reason to believe, was untrue. Because penalty proceedings are quasi-criminal, the revenue had to prove the necessary state of mind by considering the surrounding circumstances as a whole, including the gap between estimates and assessed income, prior conduct, known income sources and the absence of revised estimates. On the facts, the assessee was aware of the relevant income sources, had earlier disclosed part of the quota-right income, and produced no material supporting the estimates filed. The penalties were therefore upheld against the assessee. en-us Thu, 25 Sep 1980 00:00:00 +0530 Tue, 16 Mar 2010 15:51:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35777 Penalty under section 273 of the Income-tax Act was held to apply only where the assessee furnished an advance-tax estimate it knew, or had reason to believe, was untrue. Because penalty proceedings are quasi-criminal, the revenue had to prove the necessary state of mind by considering the surrounding circumstances as a whole, including the gap between estimates and assessed income, prior conduct, known income sources and the absence of revised estimates. On the facts, the assessee was aware of the relevant income sources, had earlier disclosed part of the quota-right income, and produced no material supporting the estimates filed. The penalties were therefore upheld against the assessee. Case-Laws Income Tax Thu, 25 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35777