| Case ID |
1a2fd762-c37e-4619-a1b2-7c24c649d85e |
| Body |
View case body. Login to View |
| Case Number |
Income Tax Reference No. 64 of 1974 |
| Decision Date |
Oct 18, 1976 |
| Hearing Date |
|
| Decision |
The court concluded that the penalty imposed for the delay in submitting the income tax return was justified. The assessee submitted their return late, exceeding the stipulated time, resulting in a penalty under Section 271(1)(a) of the Income Tax Act, 1961. The court highlighted that the penalty remains applicable even if the delay was connected to an addition made to the income by the Income Tax Officer. The court ruled in favor of the revenue, affirming the penalty and denying costs to the assessee. |
| Summary |
In the case of Partab Steel Rolling Mills vs. Commissioner of Income Tax, the High Court addressed the imposition of a penalty for the late filing of tax returns under the Income Tax Act, 1961. The court emphasized that even if the delay in filing was influenced by the addition of concealed income, the penalty under Section 271(1)(a) remains enforceable. The critical takeaway from this case is the court's firm stance on adhering to deadlines established by tax regulations. With a decision that underscores the importance of timely compliance with tax laws, this case serves as a significant precedent in tax jurisprudence. Legal practitioners, tax advisors, and businesses should take note of this ruling, as it reinforces the penalties associated with late submissions, regardless of any subsequent adjustments to reported income. This case is essential for understanding the implications of late tax filings and the associated penalties, making it a crucial reference point for tax-related legal matters. |
| Court |
High Court
|
| Entities Involved |
Not available
|
| Judges |
O. CHINNAPPA REDDY, ACTG. C.J.,
M.R. SHARMA, J
|
| Lawyers |
Bhagirath Das,
B.K. Gupta,
D.N. Awasthy,
B.K. Jhingan
|
| Petitioners |
PARTAB STEEL ROLLING MILLS
|
| Respondents |
COMMISSIONER OF INCOME TAX
|
| Citations |
1979 SLD 49,
(1979) 40 TAX 204
|
| Other Citations |
Not available
|
| Laws Involved |
Income Tax Act, 1961
|
| Sections |
271,
271(1)(a)
|