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2004 (2) TMI 24 - KARNATAKA HIGH COURTKarnataka Agricultural Income-tax Act, 1957 - interest u/s 18(3A) of the State Act - defaults in furnishing return of income - The Legislature has stepped in and Explanation 4 to section 234A of the Income-tax Act, has now been omitted by the Finance Act, 2001, and this provision has been given retrospective effect from April 1, 1989. In fact the provisions of section 18(3A) of the State Act and section 234A of the Central Act can now be said to be similar inasmuch as there was no such Explanation in the State Act from the very beginning - The provision being not in the nature of penalty, but in the nature of a compensatory payment, the calculation of interest as is done by the Assessing Officer is reasonable and is also justified in view of the admitted delay in filing of the returns, which action called for levy of such interest. – Petition is dismissed
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