I have installed Ubuntu 12.04. I am in Europe/Dublin timezone. My clock is one hour fast. I'm getting time off the Internet. Here is the output from dpkg-reconfigure tzdata at 15:41.
Current default time zone: 'Europe/Dublin' Local time is now: Thu Oct 11 16:41:54 IST 2012. Universal Time is now: Thu Oct 11 15:41:54 UTC 2012.
The time displayed in Ubuntu is the wrong, late one: 16:41.