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2003 (5) TMI 34 - PUNJAB AND HARYANA HIGH COURTITO rejected the explanation for delay in filing the return for the purpose of waiver of interest when the same had been accepted for the purpose of dropping the penalty - petitioner, has submitted that the period of delay in filing the return is the same for the purposes of interest as well as penalty. The Income-tax Officer had the power under rule 117A(5) to waive the interest payable under section 139. The explanation of the petitioner having been accepted for the purposes of imposition of penalty under section 271(1)(a) could not have been disregarded while deciding the question of waiver of interest with regard to late filing of the return - The respondent could not have rejected the explanation for delay in filing the return for the purpose of waiver of interest when the same had been accepted for the purpose of dropping the penalty proceedings
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