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Penalty for non-payment of Advance Tax ::


Court :
HC

Brief :
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.

Citation :
Balkrishna Breeding Farms (P.) Ltd. Vs. C.I.T

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.
 

CA.Saibaburao Nanduri
on 07 September 2007
Published in Students
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