Penalty for non-payment of Advance Tax
Balkrishna Breeding Farms (P.) Ltd. Vs. C.I.T 4/12/2005
(2005) 147 Taxman148(Kar.)
Case Fact: Whether assessee was liable to pay interest u/s 234B for non-payment of tax on exempted income which later on became taxable due to a supreme court judgement.
Decision: Held by hon"ble court that as the assesse had filed a revised return and paid the tax due within the time allowed u/s 148 hence,it cannot be held that assessee had made any delay in payment of tax. As such no interest u/s 234B can be levied.