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2009 (9) TMI 9 - ALLAHABAD HIGH COURTAdvance Tax – Penalty u/s 273(2)(aa) - wrong estimate of advance tax - The item on which the issue is to be decided is the sales tax liability of Rs.1,30,65,719/-. It is an admitted fact that this amount was realised by the appellant in the last month of the accounting year and was shown payable in the balance sheet. The assessing authority has held that this item should have been paid accordingly under the provisions Section 43B of the Act and since the appellant had failed to do so, he was liable for penalty under section 273(2)(aa) of the Act. – Held that - CIT (Appeals) as well as the Tribunal has took a view that the assessee's claim of bonafide belief about the sales tax liability was genuine and legitimate. - The Tribunal as well as CIT (Appeals) has given satisfactory, cogent and convincing reasons for setting aside the penalty order – Order of the tribunal deleting the penalty maintained.
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