WHETHER THE ASSESSEE HAVING BEEN DECLARED A SICK COMPANY BY BIFR SHOULD BE EXONERATED FROM PENAL LIABILITY UNDER SEC. 80 OF FINANCE ACT, 1994 (Service Tax)?

WHETHER THE ASSESSEE HAVING BEEN DECLARED A SICK COMPANY BY BIFR SHOULD BE EXONERATED FROM PENAL LIABILITY UNDER SEC. 80 OF FINANCE ACT, 1994 (Service Tax)? https://www.taxtmi.com/article/detailed?id=171 A formal declaration of corporate sickness by the reconstruction board can constitute proof of reasonable cause to exempt an assessee from penalty for delayed payment of service tax, since payment defaults are monetary and may be excused by established financial incapacity; however, failure to file returns is a statutory, non-monetary obligation for which financial constraints do not ordinarily amount to reasonable cause. en-us Wed, 17 Sep 2008 00:00:00 +0530 Wed, 17 Sep 2008 12:57:03 +0530 TaxTMI RSS Generator WHETHER THE ASSESSEE HAVING BEEN DECLARED A SICK COMPANY BY BIFR SHOULD BE EXONERATED FROM PENAL LIABILITY UNDER SEC. 80 OF FINANCE ACT, 1994 (Service Tax)? https://www.taxtmi.com/article/detailed?id=171 A formal declaration of corporate sickness by the reconstruction board can constitute proof of reasonable cause to exempt an assessee from penalty for delayed payment of service tax, since payment defaults are monetary and may be excused by established financial incapacity; however, failure to file returns is a statutory, non-monetary obligation for which financial constraints do not ordinarily amount to reasonable cause. Articles Service Tax Wed, 17 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=171