| Case ID |
153c823e-123a-4378-8a6f-2db18fefe61d |
| Body |
View case body. Login to View |
| Case Number |
W.T.A. No.90/LB of 2001 |
| Decision Date |
Sep 27, 2003 |
| Hearing Date |
|
| Decision |
The appeal by Revenue was accepted as the deletion of penalty under section 12(7) of the Finance Act, 1991 was deemed unjustified. The Tribunal found that the rationale for the deletion of penalty in a previous case was not applicable here, as the assessee had a clear legal obligation to file the Corporate Assets Tax return. The Tribunal noted that the failure to file and respond to show-cause notices warranted the imposition of penalties, thereby reinstating the order of the DCIT and vacating the order of the CIT(A). |
| Summary |
This case revolves around the application of penalties under the Finance Act, 1991, specifically section 12(7), concerning the Corporate Assets Tax return obligations. The Income Tax Appellate Tribunal reviewed the circumstances under which penalties were levied and assessed the justification for the deletion of such penalties by the CIT(A). The Tribunal emphasized the clarity of statutory obligations for corporate assessees, reinforcing that confusion from previous circulars was not a valid reason for non-compliance. The Tribunal's decision highlights the importance of adherence to tax laws and the consequences of failing to meet legal requirements. The case underscores key legal principles in tax law and the responsibilities of corporate entities in filing accurate tax returns, making it a significant reference for future tax compliance discussions. |
| Court |
Income Tax Appellate Tribunal
|
| Entities Involved |
Not available
|
| Judges |
MUHAMMAD TAUQIR AFZAL MALIK, JUDICIAL MEMBER,
MUHAMMAD MUNIR QURESHI, ACCOUNTANT MEMBER
|
| Lawyers |
Najam-ud-Din Khan, D.R. for Appellant,
Nemo for Respondent
|
| Petitioners |
Not available
|
| Respondents |
Not available
|
| Citations |
2005 SLD 168 = 2005 PTD 309
|
| Other Citations |
I.T.A. No.1872/LB of 1997,
W.T.AR No.1230/LB of 2000,
2001 84 Tax 117
|
| Laws Involved |
Income Tax Ordinance, 1979,
Finance Act, 1991
|
| Sections |
134,
12(4)(7)
|