No prosecution u/s 276C for delayed tax payment without wilful evasion: Madras HC

G Square Layout Private Limited Vs DCIT (Madras High Court)

No prosecution u/s 276C despite delayed tax payment sans wilful tax evasion or suppression of income : Madras HC

Facts:

• The petitioner, M/s. G Square Layout Pvt. Ltd., along with its directors Shri Ramajayam and Smt. Sreekala, filed its income tax return for AY 2023–24 belatedly on 12.2023 under Section 139(4) of the Income-tax Act, 1961. The company declared a total income of Rs.27,31,95,740 with a total tax liability of Rs.9,16,30,141. After adjusting TDS credit of

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