Failure to furnish returns under commodities transaction tax attracts a daily penalty for continued non compliance. Section 125 imposes a daily penalty where an assessee fails to furnish the return within the time prescribed under sub section (1) or (2) of section 120, making the assessee liable to pay a fixed sum for each day the failure continues and thereby reinforcing the continuing obligation to file within the statutory timeframe.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Failure to furnish returns under commodities transaction tax attracts a daily penalty for continued non compliance.
Section 125 imposes a daily penalty where an assessee fails to furnish the return within the time prescribed under sub section (1) or (2) of section 120, making the assessee liable to pay a fixed sum for each day the failure continues and thereby reinforcing the continuing obligation to file within the statutory timeframe.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.