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2013 (11) TMI 819 - HC - Income TaxAssessee in default u/s 140A(3) – Penalty for non payment of self assessment tax - Held that:- Tribunal has returned a finding that though the stand of the assessee was lack of liquidity of funds, but in view of communication dated 22/25.03.1985 that the factory premises of the assessee situated at Najafgarh Road and Okhla Industrial Area were substantially destroyed by a mob, when such mob forced their entry into the factory premises and burnt and damaged the trucks parked inside and set on fire the furniture and factory - Assessee has been given very nominal payment of insurance claim and that such amount had to be immediately invested in the repairs and maintenance of the plants and buildings and purchase of shells besides the basic raw materials. Therefore the orders of penalty were quashed w.e.f. 01.11.1984 onward. It is also matter of common knowledge that the assassination of Mrs. Indira Gandhi on 31.10.1984 led to wide spread riots in National Capital Region of Delhi, wherein the property of a particular community was extensively damaged. Therefore, the order of deletion of penalties after 01.11.1984 onwards is fair and reasonable keeping in view the unfortunate circumstances – Decided against the Revenue.
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