https://www.taxtmi.com/caselaws?id=61422 Penalty for filing an advance-tax estimate below the eventual assessment was held unsustainable where the estimate was based on the material available on the filing date and reflected a bona fide view of current income. The later higher assessment did not, by itself, make the original estimate false for section 273(a) purposes. Any failure to furnish a revised estimate was treated as a separate matter under a distinct provision and could not support the impugned penalty. The penalty was therefore set aside. en-us Mon, 08 Feb 1988 00:00:00 +0530 Wed, 12 Jan 2011 15:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61422 Penalty for filing an advance-tax estimate below the eventual assessment was held unsustainable where the estimate was based on the material available on the filing date and reflected a bona fide view of current income. The later higher assessment did not, by itself, make the original estimate false for section 273(a) purposes. Any failure to furnish a revised estimate was treated as a separate matter under a distinct provision and could not support the impugned penalty. The penalty was therefore set aside. Case-Laws Income Tax Mon, 08 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61422