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Self Assessment Tax

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Court :
Kerala High Court

Brief :
Self assessment tax paid on the next working day instead of on the date given in sec. 139 because that day was a holy day, interest levied for delay is sustainable.

Citation :
Kerala State Industrial Corporation Ltd. Vs. Add.C.I.T. and Others 18/10/2006 [2008] 298 ITR 367

Held by the Honourable Court that, there is no time limit under section 140A, however read with sec. 139 there is time limit for payment of the balance tax and for filing of return, and assessee paid the tax on next working day therefore the levy of interest is unsustainable.
 

Devendra
on 31 October 2008
Published in Income Tax
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