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2006 (1) TMI 95 - KARNATAKA HIGH COURTCompanies (Profits) Surtax Act, 1964 - "Whether, Tribunal was justified in upholding the levy of interest under section 7C of the Companies (Profits) Surtax Act, 1964? - liability to pay advance surtax under section 7C of the Act cannot be interpreted to give handle to an assessee who files a nil estimate as against the assessees who file the estimates and the difference is less than eighty-three and one-third per cent, to avoid its liability. The object of the Act is to see that the difference in the advance surtax paid and the annual determination of the estimated income is not more than sixteen and two-thirds per cent. - When an obligation is created to pay surtax under section 7A and the liability is also created to pay interest on the difference of advance surtax paid and the surtax made payable by the assessee as determined by the assessing authority, the assessee for his default either in not paying the advance surtax or by filing a nil estimate cannot escape his liability to pay interest in terms of section 7C
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