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2004 (11) TMI 76 - ALLAHABAD HIGH COURTAdvance tax – invalid estimate – penalty u/s 273(a) - it appears that even where an estimate of advance tax has been incorrectly filed or is untrue, the quantum of penalty is to be calculated with reference to the tax paid during the financial year immediately preceding the year which falls short of 75 % of the assessed tax or the amount of tax payable where the notice under section 210 was issued to the assessee, whichever is less. In the present case it is not in dispute that the amount of tax deposited by the respondent did not fall short of 75 per cent. of the assessed tax and therefore no penalty was leviable. Thus order of CIT (Appeals) deleting the penalty does not suffer from any legal infirmity. - For calculating the amount of tax paid during the year, the entire amount of advance tax whether it has been paid in time or after the due date but not after the close of the financial year has to be taken into consideration. – Revenue appeal dismissed
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