https://www.taxtmi.com/caselaws?id=235612 The petitioner company filed a belated return for the assessment year 1987-88, leading to disputes over taxable income and expenses. The penalty for late filing was challenged, resulting in substantial relief. The petitioner faced prosecution for willful failure to file the return but sought to compound the offense under section 276CC of the Income-tax Act. The court directed authorities to reconsider the compounding request, allowing the petitioner to submit an application within four weeks for further review and decision. en-us Wed, 22 Aug 2012 00:00:00 +0530 Tue, 02 Jul 2013 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235612 The petitioner company filed a belated return for the assessment year 1987-88, leading to disputes over taxable income and expenses. The penalty for late filing was challenged, resulting in substantial relief. The petitioner faced prosecution for willful failure to file the return but sought to compound the offense under section 276CC of the Income-tax Act. The court directed authorities to reconsider the compounding request, allowing the petitioner to submit an application within four weeks for further review and decision. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235612