Self Assessment Tax ::

Last updated: 10 April 2008

Court :
HC

Brief :
Held by the Hon`ble Court that, there is no time limit under section 140A, however read with sec. 139 there is time limit for payment of the balance tax and for filing of return, and assessee paid the tax on next working day therefore the levy of interest is unsustainable

Citation :
Kerala State Industrial Development Corporation Ltd. Vs. Add.C.I.T. and Others

Self Assessment Tax Kerala State Industrial Development Corporation Ltd. Vs. Add.C.I.T. and Others 10/18/2006 [2008] 298 ITR 367 (Ker) Case Fact: Self assessment tax paid on the next working day instead of on the date given in sec. 139 because that day was a holy day, interest levied for delay is sustainable. Decision: Held by the Hon`ble Court that, there is no time limit under section 140A, however read with sec. 139 there is time limit for payment of the balance tax and for filing of return, and assessee paid the tax on next working day therefore the levy of interest is unsustainable