TaxTMI 
TaxTMI 
1992 (12) TMI 31
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....w : "Whether, on the facts and in the circumstances of the case, the Tribunal has rightly cancelled the penalty of Rs. 2,600 levied on the assessee under section 273(b) of the. Income-tax Act, 1961 ?" The assessment year involved is 1969-70. The assessee had failed to file the estimate of its income under section 212(3) of the Income-tax Act, 1961(hereinafter in short, " the Act within the presc....
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....er, in the course of any proceedings in connection with the regular assessment, is satisfied that any assessee -. . . . (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, he may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way of pe....
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....Where in any financial year an assessee has paid advance tax under section 212 on the basis of his own estimate, and the advance tax so paid is less than seventy-five per cent. of the tax determined on the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194A and section 195 ) so far as such tax relates to in....
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....nt. referred to in sub-section (1) of section 215 ". Under section 215(1), this amount can be ascertained only on the basis of " tax determined on the basis of the regular assessment ". Therefore, it is clear that the penalty under section 273(b) of the Act is dependent on the quantum of tax assessed against the assessee. Since in the present case the very order of assessment has been set aside as....