[273. False estimate of, or failure to pay, advance tax.
[(1) If the [Assessing] Officer, 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 209A a statement of the advance tax payable by him which he knew or had reason to believe to be untrue, or
(b) has [* * *] 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] :
[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 wherever they occur, the words eighty-three and one-third per cent had been substituted.]
[(2)] If the [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