125. Failure to pay advance tax, etc.-

125. Failure to pay advance tax, etc.- 

Where, in the course of any proceeding in connection  with  the  assessment  of  tax  under  Chapter  IX,  the  Deputy Commissioner of Taxes is satisfied that any person has-

(a) without reasonable cause, failed to pay advance tax as requi red by section 64; or
(b) furnished under section 67 any estimate of tax payable by him which he knew, or had reason to believe, to be untrue,

he  may  impose  upon  such  person  a  penalty  of  a  sum  not  exceeding  the amount by which the tax actually paid by him  falls short of the amount that should have been paid.


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