TaxTMI 
TaxTMI 
False estimate of, or failure to pay, advance tax
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....t 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 (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, ....
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....nish an estimate of the advance tax payable by him in accordance with the provisions of ^14[sub-section (4) of section 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 ....
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....-five per cent of the assessed tax as defined in sub-section (5) of section 215:]] ^18[Provided that in the case of an assessee, being a company, the provisions of this sub-section shall have 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 ....
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....estimate of the advance-tax payable by him in accordance with the provision of sub-section (3) 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 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....
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.... Inserted vide Section 31 of the Finance Act, 1978 w.e.f. 01-06-1978 11. 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" 12. Substituted vide Section 31 of the Finance Act, 1978 w.e.f. 01-06-1978 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....