Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (2) TMI 20 - KARNATAKA HIGH COURTKarnataka Agricultural Income-tax Act, 1957 – Belated payment - justification on the part of the respondent in calling upon the assessee to pay penalty on Rs. 33,706 which had been paid on August 20, 2002, by invoking the provisions of section 42 - The amount demanded to be payable by the petitioner though is called a penalty if one looks at the scheme of the provisions of section 42 of the Act it is obvious that the amount is in the nature of a compensatory payment to compensate the revenue for the loss due to the delayed remittance of a tax liability quantified and indicated to be payable within a permitted time. The amount so payable is also statutorily determined and is not left to the discretion of the authority demanding payment. - Therefore I am of the view that the provisions of section 42 are attracted and there is nothing wrong on the part of the respondent in demanding the assessee to make payment of penalty/interest under this provision and in raising the demand
|