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2005 (3) TMI 28 - HC - Income TaxDelay in filing return - "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that no penalty could be imposed on a registered firm where the advance-tax paid exceeded the tax assessed on it as a registered firm even though as an unregistered firm the tax payable would be more than the advance-tax?" - held that in levying penalty under section 271(1)(a), in respect of a registered firm, quantification of penalty should be made by treating the firm as an unregistered firm. If the advance tax paid is less than the tax payable if the assessee is treated as an unregistered firm, penalty under section 271(1) of the Act is imposable - we answer the question referred to us in the negative, i.e., in favour of the Department and against the assessee.
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