Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (9) TMI 89 - HC - Income TaxPenalty, Non-payment Of Advance Tax - levy of penalty of Rs. 70,000 under section 273 - admittedly, on account of the set off of unabsorbed depreciation of earlier years against the total income computed for the relevant assessment year, the taxable income would work out to nil and the assessee will not be liable to pay any tax in respect of this year. It is axiomatic that if there is no liability to pay income-tax, there is no obligation to pay advance tax and consequently no occasion for levy of penalty for non-payment of advance tax. In that view of the matter, we feel that it is unnecessary to go into the question as to whether the assessee had failed to furnish a statement of advance tax without any reasonable cause, particularly when the Tribunal has not gone into this aspect of the matter. - the levy of penalty cannot be sustained
|