https://www.taxtmi.com/caselaws?id=29566 Under the Companies (Profits) Surtax Act, 1964, penalty for failure to furnish a return under section 5 was interpreted narrowly, because section 9 did not expressly cover mere delay where the return was filed before assessment was completed. The Allahabad HC applied strict construction of taxing statutes and the rule that ambiguity in a penalty provision must be resolved in favour of the assessee. On that reading, late filing alone did not attract penalty when the return was furnished before assessment under section 5(3), and the issue was decided in favour of the assessee. en-us Wed, 02 Sep 1981 00:00:00 +0530 Sat, 13 Mar 2010 17:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29566 Under the Companies (Profits) Surtax Act, 1964, penalty for failure to furnish a return under section 5 was interpreted narrowly, because section 9 did not expressly cover mere delay where the return was filed before assessment was completed. The Allahabad HC applied strict construction of taxing statutes and the rule that ambiguity in a penalty provision must be resolved in favour of the assessee. On that reading, late filing alone did not attract penalty when the return was furnished before assessment under section 5(3), and the issue was decided in favour of the assessee. Case-Laws Income Tax Wed, 02 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29566