1984 (8) TMI 179

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..... t, 1961 for filing under-estimate of advance-tax is justified or not. The ITO found that on the basis of admitted income or the income ultimately determined after giving effect to the appellate orders the estimate filed by the assessee was under-estimated and called for levy of penalty. Accordingly, he levied a penalty of Rs. 2,584. 2. On appeal the CIT(A) upheld the levy of the penalty but on me .....

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..... e the assessee has enhanced the income and also shown tax payable at higher figure than that was demanded by the ITO on the basis of latest completed assessment. Thus for all intent and purposes the assessee has complied with the provisions of law. It is only in the process of compliance with the provisions of law the assessee has entertained certain impressions about the includibility of income f .....

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..... oving the guilt, namely the assessee knew or had reason to believe that the estimate was untrue. At best, the assessee can be charged for technical default of paying advance tax less to the extent of Rs. 169. For that purpose penalty cannot be imposed or sustained. We are satisfied that the assessee had reasonable cause and guilt or default as envisaged in the section was not brought home by the I .....

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