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2005 (6) TMI 30 - BOMBAY HIGH COURTPenalty u/s 272A(2) – Failure to file statement in Form No. 52A for each of the assessment year, within 30 days from the expiry of the financial year. - In response to the SCN, he explained that it was his first and last venture which had flopped and due to the ignorance of legal formalities, he could not submit the statements. - Tribunal set aside the order of the Assessment Officer holding that due to the ignorance of the provisions of law, he had failed to submit the statements and as soon as he came to know about the requirement, he had submitted the same - Whether Tribunal was justified in law in deleting the penalty of Rs. 1,40,000 levied under section 272A(2) read with section 285B of the Income-tax Act?" - there is a rule that ignorance of law is no excuse but there is no presumption that every one knows the law – Held that Tribunal was justified in quashing the order of penalty
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