https://www.taxtmi.com/caselaws?id=57540 The tribunal allowed the appeal, overturning the CIT (Appeals) decision and canceling the penalty imposed under section 273(2)(a) for failure to pay the correct amount of advance tax. The tribunal held that penalties under this section cannot be levied solely for non-payment of advance tax, as the section specifically pertains to false estimates or failure to furnish estimates. The tribunal emphasized the need for a strict construction of penal provisions and ruled in favor of the assessee, highlighting that non-payment of advance tax falls under a different penal provision. en-us Fri, 16 May 1997 00:00:00 +0530 Fri, 10 Dec 2010 16:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57540 The tribunal allowed the appeal, overturning the CIT (Appeals) decision and canceling the penalty imposed under section 273(2)(a) for failure to pay the correct amount of advance tax. The tribunal held that penalties under this section cannot be levied solely for non-payment of advance tax, as the section specifically pertains to false estimates or failure to furnish estimates. The tribunal emphasized the need for a strict construction of penal provisions and ruled in favor of the assessee, highlighting that non-payment of advance tax falls under a different penal provision. Case-Laws Income Tax Fri, 16 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57540