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Penalty for non payment of Advance Tax

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Court :
Supreme Court

Brief :
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.

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

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.
 

Rahul Tibrewal
on 12 March 2008
Published in Income Tax
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