Section 273Central Act

Section 273: [ False estimate of, or failure to pay, advance tax. [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).]

The Income-tax Act, 1961

[ False estimate of, or failure to pay, advance tax. [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).]

- ][(1) If the ] [Inserted by Act 19 of 1978, Section 31 (w.e.f. 1.6.1978).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][, in the course of any proceedings in connection with the regular assessment for any assessment year, is satisfied that any assessee-(a)has furnished under clause (a) of sub-section (1) of section 209-A a statement of the advance tax payable by him which he knew or had reason to believe to be untrue, or(b)has ] [* * *] [ Omitted by Act 46 of 1986, Section 25 (w.e.f. 10.9.1986).][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 209-A, 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- [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).](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 209-A, 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:]

[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.] [ Inserted by Act 44 of 1980, Section 33 (w.e.f. 1.9.1980).]

(2)[] [ Renumbered by Act 19 of 1978, Section 31 (w.e.f. 1.6.1978).] If the [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][, 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-] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).]

(a)

[ has furnished under sub-section (1) or sub-section (2) or sub-section (3) or sub-section (5) of section 209-A, 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] [ Substituted by Act 19 of 1978, Section 31, for Clause (a) (w.e.f. 1.6.1978).]

(aa)[ has furnished ] [ Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).][under sub-section (4) of section 209-A or under] [ Inserted by Act 19 of 1978, Section 21 (w.e.f. 1.6.1978).][sub-section (3-A) of section 212 an estimate of the advance tax payable by him which he knew or had reason to believe to be untrue, or] [ Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).]

(b)

has [* * *] [ Omitted by Act 46 of 1986, Section 25 (w.e.f. 10.9.1986).][failed to furnish an estimate of the advance tax payable by him in accordance with the provisions of ] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).][clause (b) of sub-section (1) of section 209-A] [ Substituted by Act 19 of 1978, Section 31, for " sub-Section (3) of section 212" (w.e.f. 1.6.1978).][, or ] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).]

(c)[ has ] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).][* * *] [ Omitted by Act 46 of 1986, Section 25 (w.e.f. 10.9.1986).][failed to furnish an estimate of the advance tax payable by him in accordance with the provisions of ] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).][sub-section (4) of section 209-A or sub-section (3-A) of section 212] [ Substituted by Act 19 of 1978, Section 31, for " sub-Section (3-A) of section 212" (w.e.f. 1.6.1978).],

[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)[ where a statement under clause (a) of sub-section (1) of section 209-A 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,] [ Substituted by Act 19 of 1978, Section 31, for sub-Clause (2) (w.e.f. 1.6.1978).][whichever is less;] [ Substituted by Act 19 of 1978, Section 31, for sub-Clause (2) (w.e.f. 1.6.1978).]

(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;] [ Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).]

(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 ] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).]

(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- [ Substituted by Act 19 of 1978, Section 31, for Clause (iii) (w.e.f. 1.6.1978).]

(a)where the assessee has sent a statement under clause (a), or an estimate under clause (b) of sub-section (1) of section 209-A, 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:]

[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.] [ Inserted by Act 44 of 1980, Section 33 (w.e.f. 1.9.1980).][[Explanation 1] [Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).][.-For the purposes of clause (ia), the amount paid by the assessee on or before the date extended by the ] [Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).][Chief Commissioner or Commissioner under] [ Substituted by Act 4 of 1988, Section 2, for " Commissioner" (w.e.f. 1.4.1988).] the [[first proviso] [Substituted by Act 19 of 1978, Section 31, for " proviso to sub-Section (3-A) of section 212" (w.e.f. 1.6.1978).][to sub-section (4) of section 209-A or, as the case may be, ] [Substituted by Act 19 of 1978, Section 31, for " proviso to sub-Section (3-A) of section 212" (w.e.f. 1.6.1978).] [first proviso] [ Substituted by Act 16 of 1981, Section 25, for " proviso" (w.e.f. 1.4.1981).][to sub-section (3-A) of section 212] [Substituted by Act 19 of 1978, Section 31, for " proviso to sub-Section (3-A) of section 212" (w.e.f. 1.6.1978).] [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.] [Inserted by Act 29 of 1977, Section 27 (w.e.f. 1.9.1977).][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.] [ Inserted by Act 67 of 1984, Section 49 (w.e.f. 1.4.1985).]

(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.] [ Inserted by Act 4 of 1988, Section 112 (w.e.f. 1.4.1989).] [Substituted by Act 14 of 1969, Section 22, for Section 273 (w.e.f. 1.4.1970).] [Inserted by Act 19 of 1978, Section 31 (w.e.f. 1.6.1978).]

Sec 272BBB — [ Penalty for failure to comply with the provisions of section 206-CA. [Inserted by Act 20 of 2002, Section 105 (w.e.f. 1.6.2002).]

Sec 273A — [ Power to reduce or waive penalty, etc., in certain cases. [Inserted by Act 41 of 1975, Section 64 (w.e.f. 1.10.1975).]

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