In The Commissioner Of Income Tax-16 v. Devkinandan M. Gupta, the High Court (2011) allowed the appeal. The decision went in favour of the Revenue.
Issue: Whether the ITAT was justified in deleting interest levied under section 158BFA(1) r/w section 154 of the Income Tax Act, 1961, is the question raised in this appeal.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEALNO. 3313 OF 2010
The Commissioner of Income Tax-16Vs.Devkinandan M. Gupta
...Appellant.
..Respondent.
Mr. Suresh Kumar for the Appellant.
CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ.DATE : 8TH JULY, 2011.
P.C.
Whether the ITAT was justified in deleting interest levied under section 158BFA(1) r/w section 154 of the Income Tax Act, 1961, is the question raised in this appeal. The finding of fact recorded by the Tribunal is that the Assessing Officer allowed 45 day's time for filing the block return and the appeal has been filed within the extended period. Moreover, the delay in filing of the block return was due to non furnishing of the seized material as well as the statements recorded by the revenue authorities to the assessee. In view of this matter, deletion of interest by the ITAT cannot be faulted. The appeal is dismissed.
( A.A. SAYED, J. )
( J.P. DEVADHAR , J.)
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