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TMI Blog2004 (11) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year) is not a proper compliance with section 209A for the purpose of imposition of penalty u/s 273(2) (ia), whether or not a revised estimate has been filed? (ii) Whether the tax paid during the previous financial year (up to March 31) should be treated as advance tax for the purpose of computation of penalty u/s 273(2)(aa) or not?" – We answer the first question referred to us in the negati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... last date of payment of third instalment of advance tax but before close of the financial year (relevant to assessment year) is not a proper compliance with section 209A for the purpose of imposition of penalty under section 273(2) (ia) of the Income-tax Act, 1961, whether or not a revised estimate has been filed? (ii) Whether the tax paid during the previous financial year (up to March 31) sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its accounting year. The advance tax paid was more than 75 per cent, of the assessed tax. However, the Income-tax Officer had imposed penalty. In appeal, the Commissioner of Income-tax (Appeals) cancelled the penalty which order has been reversed by the Tribunal on the ground that the payment of advance tax after the demand date cannot be taken into consideration for determining penalty. It may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o us in the negative, i.e., in favour of the assessee and against the Revenue. So far as the second question is concerned though it has become academic in I.T.R. No. 102 of 1987 (CIT v. Praveen Kapoor [2005] 278 ITR 71 (All)), decided today we have held that any amount of advance tax, which is deposited subsequent to the date prescribed for depositing the tax in the relevant financial year is to b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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