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 Rs.43,48,624, the balance self-assessment tax payable under Secti...