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2019 (1) TMI 299 - HC - Income TaxDenial of waiver of interest u/s 158 BFA (1) for the Block Period 1986-87 to 1996-97 - record to substantiate the furnishing of the documents - Held that:- The benefit of exclusion of time has been extended. However, interest has been held payable from April 1998 to January 1999. Though the petitioner would contend that the documents were furnished during the month of July 1998. However, neither the petitioners are able to establish that they have received the documents during July 1998 nor the respondents are able to establish their statement that the documents were furnished during March 1998. In absence of any record to substantiate the furnishing of the documents, we inclined to accept the petitioners version. Therefore, the petitioners are entitled to one months time from July, 1998 to file returns.Therefore, delay in filing returns has to be computed from August, 1998. In view of the above, both the writ petitions are partly allowed and the impugned orders are modified with following directions: (i)The petitoiner shall calculare interest for the period starting from August 1998 upto 11th January 1999 on the undiclosed income in terms of Section 158 B & A of the Income Tax, Act, 1961 and pay the same within 4 weeks from the date of receipt of a copy of this order and report compliance to the respondent. (ii)Accordingly, Levy for the interest for the period prior to August, 1998 in filing returns stands set aside in the both the cases. (iii)Respondents shall thereafter close the respective files. No costs. Consequently, connected miscellaneous petition is closed.
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