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2023 (10) TMI 709 - HC - Income TaxOffence u/s 276B r.w.s. 278B - Economic Offence - delay in depositing the TDS amount by seven days - plea of the petitioner is that the entire TDS amount has been deposited even before the issuance of receipt of notice - HELD THAT:- Whether there existed a reasonable ground for not depositing the said amount is a matter which can be looked into only by the learned Trial Court. The Income Tax Department in the counter-affidavit has not disputed that the TDS amount has been deposited, although after a delay of 12 months. This Court is of the view that pendency of BIFR proceeding against the company due to industrial sickness of the company, delay in deposit of the TDS amount within the stipulated time was a reasonable cause. In view of the reasonable cause, Section 278 AA of the Income Tax will apply. Thus entire criminal proceeding is quashed against the petitioners.
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