https://www.taxtmi.com/caselaws?id=58125 Penalty for failure to furnish an advance-tax estimate could not be deleted on the taxpayer's claimed bona fide belief that no estimate was required, because the statutory filing obligation applied to the newly formed company. However, the penalty base had to be calculated on assessed tax after crediting advance tax already paid under a subsequently filed estimate, rather than on gross tax. The penalty therefore remained applicable but required recomputation after deduction of the advance-tax payment. en-us Sat, 31 Oct 1981 00:00:00 +0530 Fri, 17 Dec 2010 14:16:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58125 Penalty for failure to furnish an advance-tax estimate could not be deleted on the taxpayer's claimed bona fide belief that no estimate was required, because the statutory filing obligation applied to the newly formed company. However, the penalty base had to be calculated on assessed tax after crediting advance tax already paid under a subsequently filed estimate, rather than on gross tax. The penalty therefore remained applicable but required recomputation after deduction of the advance-tax payment. Case-Laws Income Tax Sat, 31 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58125