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Report No. 12

282. False estimate of or failure to pay advance tax.- If the Income-tax officer, in the course of any proceedings in connection with the regular assessment, is satisfied that any assesse- (a) has furnished under section 220 [sub-section (2) or sub-section (3) of section 18A] 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 section 220 (3) [sub-section (3) of section 18A], 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 not exceeding-

[Section 18A(9), main para.]

(i) in the case referred to in clause (a), 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 sections 215 to 228 [section 18A] falls short of-

(1) eighty per cent. of the tax regularly assessed, as modified under the provisions of section 223 [18A (6)], or

(2) where a notice under section 218 [18A (1) (a), main para, part as embodied in section regarding order of Income-tax Officer] was issued to the assessee, the amount payable thereunder, whichever is the less; and

(ii) in the case referred to in clause (b), one and a half times the amount on which interest is payable under section 223 [section 18A(6)].

[Section 18A(9), proviso







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