India - Income Tax Act 2010 - Saarc

S. 273 I.T. ACT, 1961 1.918(b) has 23 [***] failed to furnish a statement of the advance tax payable byhim in accordance with the provisions of clause (a) of sub-section (1)of section 209A,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 case referred to in clause (a), shall not be less than tenper cent but shall not exceed one and a half times the amount bywhich the tax actually paid during the financial year immediatelypreceding the assessment year under the provisions of ChapterXVII-C falls short of—(1) seventy-five per cent of the assessed tax as defined in sub-section(5) of section 215, or(2) the amount which would have been payable by way of advancetax if the assessee had furnished a correct and complete statementin accordance with the provisions of clause (a) of subsection(1) of section 209A,whichever is less;(ii) which, in the case referred to in clause (b), shall not be less thanten per cent but shall not exceed one and a half times of seventy-fiveper cent of the assessed tax as defined in sub-section (5) of section215]:24[Provided that in the case of an assessee, being a company, the provisions of thissub-section shall have effect as if for the words “seventy-five per cent”, at boththe places where they occur, the words “eighty-three and one-third per cent” hadbeen substituted.]25[(2)] If the 26 [Assessing] Officer, in the course of any proceedings in connectionwith the regular assessment for the assessment year commencing on the 1stday of April, 1970, or any subsequent assessment year, is satisfied that anyassessee—27[(a) has furnished under sub-section (1) or sub-section (2) or sub-section(3) or sub-section (5) of section 209A, or under sub-section (1) or subsection(2) of section 212, an estimate of the advance tax payable byhim which he knew or had reason to believe to be untrue, or]28[(aa) has furnished 29 [under sub-section (4) of section 209A or] under subsection(3A) of section 212 an estimate of the advance tax payable byhim which he knew or had reason to believe to be untrue, or]23. Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment &Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.24. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980.25. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978.26. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.27. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. Earlier, clause (a) was amended bythe Finance (No. 2) Act, 1977, w.e.f. 1-4-1977.28. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977.29. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978.