19[False estimate of, or failure to pay, advance tax.
273. 20[(1) If the 21[Assessing] Officer, in the
course of any proceedings in connection with the regular assessment 22 for any assessment year,
is satisfied that any assessee—
(a) has furnished under clause (a) of sub-section (1) of section 209A a statement of the advance tax payable
by him which he knew or had reason to believe to be untrue, or
(b) has 23[***] failed to furnish a
statement of the advance tax payable by him 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 ten per cent
but shall not exceed 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 Chapter XVII-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 advance tax if the assessee had furnished a correct and complete
statement in accordance with the provisions of clause (a) of sub-section (1) of section 209A,
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 defined in sub-section (5) of section
215]:
24[Provided that in the case of an assessee,
being a company, the provisions of this sub-section shall have effect as if for
the words “seventy-five per cent”, at both the places where they occur, the
words “eighty-three and one-third per cent” had been substituted.]
25[(2)] If the 26[Assessing] 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—
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 sub-section (2) of section 212,
an estimate of the advance tax payable by him 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 sub-section (3A) of
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 30[***] failed to furnish an
estimate of the advance tax payable by him in accordance with the provisions of
31[clause (b) of sub-section (1) of section 209A], or
(c) has 32[***] failed to furnish an
estimate of the advance tax payable by him in accordance with the provisions of
33[sub-section (4) of section 209A or] sub-section (3A) 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 penalty a sum—
(i) which, in the case referred to in clause (a), shall not be less than ten per cent
but shall not exceed 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 Chapter XVII-C falls short of—
(1) seventy-five per cent of the assessed tax as
defined in sub-section (5) of section 215, or
34[(2) where
a statement under clause (a) of
sub-section (1) of section 209A was furnished by
the assessee or where a notice under section 210
was issued to the assessee, the amount payable under such statement or, as the
case may be, such notice,]
whichever is less;
35[(ia) which,
in the case referred to in clause (aa),
shall not be less than ten per cent but shall not exceed 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 Chapter XVII-C falls
short of seventy-five per cent of the assessed tax as defined in sub-section
(5) of section 215;]
(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 defined in sub-section (5) of section
215; and
36[(iii) which,
in the case referred to in clause (c),
shall not be less than ten per cent but shall not exceed one and a half times
the amount by which—
(a) where the assessee has sent a statement under
clause (a), or an estimate under
clause (b) of sub-section (1) of section 209A, or an estimate in lieu of a statement
under sub-section (2) of that section, the tax payable in accordance with such
statement or estimate; or
(b) where the assessee was required to pay advance
tax in accordance with the notice issued to him under section
210, the tax payable under such notice,
falls short of seventy-five per cent of the assessed
tax as defined in sub-section (5) of section 215:]]
37[Provided that in the case of an assessee,
being a company, the provisions of this sub-section shall have effect as if for
the words “seventy-five per cent”, wherever they occur, the words “eighty-three
and one-third per cent” had been substituted.]
38[Explanation 39[1].—For the purposes of clause (ia), the amount paid by the assessee on or before the date
extended by the 40[Chief Commissioner
or Commissioner] under the 41[first] 42[proviso to sub-section (4)
of section 209A or, as the case may be,] 41[first] proviso to
sub-section (3A) of section 212 shall, where the
date so extended falls beyond the financial year immediately preceding the
assessment year, also be regarded as tax actually paid during that financial
year.]
43[Explanation 2.—When the person liable to
penalty is a registered firm or an unregistered firm which has been assessed
under clause (b) of section 183, then, notwithstanding anything contained
in the other provisions of this Act, the penalty imposable under this section
shall be the same amount as would be imposable on that firm if that firm were
an unregistered firm.]
44[(3) The provisions
of this section shall apply to and in relation to any assessment for the
assessment year commencing on the 1st day of April, 1988, or any earlier
assessment year, and references in this section to the other provisions of this
Act shall be construed as references to those provisions as for the time being
in force and applicable to the relevant assessment year.]
