False estimate of, or failure to pay, advance tax

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....to the amount of tax, if any, payable by him, pay by way of penalty a sum- (i) which, in the case referred to in clause (a), shall not be less than ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or (2) the amount which would have been payable by way of advance tax if the assessee had furnished a correct and complete statement in accordance with the provisions of clause (a) of sub-section (1) of section 209A, whichever is less; (ii) which, in the case referred to in claus....

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....ion 209A or] sub-section (3A) of section 212, he may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way of penalty a sum- (i) which, in the case referred to in clause (a), shall not be less than ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or 15[(2) where a statement under clause (a) of sub-section (1) of section 209A was furnished by the assessee or where a notice under section 210 was issued to the assessee, the amount pa....

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....e effect as if for the words "seventy-five per cent", wherever they occur, the words "eighty-three and one-third per cent" had been substituted.] 19[Explanation 20[1].-For the purposes of clause (ia), the amount paid by the assessee on or before the date extended by the 21[27[Principal Chief Commissioner or] Chief Commissioner or 27A[Principal Commissioner or] Commissioner] under the 22[first] 23[proviso to sub-section (4) of section 209A or, as the case may be,] 24[first] proviso to sub-section (3A) of section 212 shall, where the date so extended falls beyond the financial year immediately preceding the assessment year, also be regarded as tax actually paid during that financial year.] 25[Explanation 2.-When the person liable to penalty....

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...., in the case referred to in clause (a), shall not be less than ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the tax determined on regular assessment as modified under the provisions of section 215, or (2) where a notice under section 210 was issued to the assessee, the amount payable thereunder, whichever is less ; and (ii) which, in the case referred to in clause (b) shall not be less than ten per cent but shall not exceed one and a half times the amount on which interest is payable under section 217." 2. Inserted vide Section 3....

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....8 before it was read as, "sub-section (3) of section 212" 13. Omitted vide Section 25 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 10-09-1986 before it was read as, "without reasonable cause"  14. Inserted vide Section 31 of the Finance Act, 1978 w.e.f. 01-06-1978 15. Substituted vide Section 31 of the Finance Act, 1978 w.e.f. 01-06-1978 before it was read as, "(2) where a notice under section 210 was issued to the assessee, the amount payable thereunder," 16. Inserted vide Section 27 of the Finance (No. 2) Act, 1977 w.e.f. 01-09-1977 17. Substituted vide Section 31 of the Finance Act, 1978 w.e.f. 01-06-1978 before it was read as, "(iii) which, in the case....