Penalty Upheld for Late Tax Payment u/s 78; Financial Hardship Defense Rejected for Misused Funds.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Imposition of penalty u/s 78 - delay in payment of tax - Financial hardship cannot be pleaded against penal action when the tax collected is not remitted to the Government and used for other expenses - penalty upheld - AT....