2004 (11) TMI 76

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.... on the facts of the case, the Tribunal was justified in holding that all payments within the financial year 1975-76 should be taken into account for levy of penalty under section 273(a) even if they were made in pursuance of an invalid estimate filed on March 15, 1976?" Briefly stated the facts giving rise to the present reference are as follows: The assessment year involved is 1976-77. The respondent which is a public limited company was asked by the Income-tax Officer by way of notice dated April 25, 1975, for payment of advance tax of Rs. 3,79,701. The respondent filed its estimate in Form No. 29 on September 8, 1975, showing advance tax payable at Rs. 3,45,000. Another estimate of advance tax was filed on March 15,1976 showing tax at....

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....ent for the assessment year commencing on the April 1, 1970, or any subsequent assessment year, is satisfied that any assessee- (a) has furnished under section 212 an estimate of the advance-tax payable by him which he knew or had reason to believe to be untrue, or (b) has without reasonable cause failed to furnish an estimate of the advance-tax payable by him in accordance with the provisions of sub-section (3) of section 212, or (c) has without reasonable cause failed to furnish an estimate of the advance-tax payable by him in accordance with the provisions of 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 ....