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2004 (2) TMI 31 - HC - Income TaxKarnataka Agricultural Income-tax Act, 1957 - Compounding of tax - penalty/interest on difference amount by invoking the provisions of section 42 - delayed remittance of a tax liability quantified and indicated to be payable within a permitted time - If the assessee is a defaulter the requirement of section 42(1)(ii) automatically gets attracted by the operation of statutory provisions themselves - In a case where the assessee opts for composition such assessee becomes a defaulter if the amount of composition is not paid by or before July 31 – Held 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
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