Substitution of New Section For Section 273

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....Income-tax Officer, in the course of any proceedings in connection with the regular assessment for the assessment year commencing on the 1st day of April, 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....

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....ent. of the assessed tax as defined in sub-section (5) of section 215, or (2) where a notice under section 210 was issued to the assessee, the amount payable thereunder, whichever is less; (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 of seventy-five per cent. of the assessed tax as defin....