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2009 (10) TMI 589 - HC - Income TaxPenalty - Interest-tax Act, 1974 - provisions of section 13 - the assessment year 1992-93 the assessee filed no return under the Interest-tax Act, 1974 - Notice for assessment of penalty in terms of section 13 of the Interest-tax Act was issued to the assessee - Section 13 of the Act provides that penalty which shall not be less than the amount of tax sought to be evaded but shall not exceed three times the amount of tax sought to be evaded, can be levied in case the assessee has oncealed particulars of chargeable interest or has furnished inaccurate particulars of such interest - The provision of section 271(1)(c) which lays down a presumption against the assessee in case of non-filing of return within a particular time is not applicable to interest-tax proceedings- How- ever, de hors of section 271(1)(c), section 13 does provide the grounds and procedure for levy of penalty - In case the Assessing Officer is convinced that the assessee has concealed particulars of chargeable interest or has furnished inaccurate particulars penalty can be levied - accordingly decide the question in favour of the Revenue and remand the case to the Assessing Officer who shall determine the question as to whether the assessee is liable to pay penalty.
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