Friday, January 31, 2014

No merit in Jayalalithaa’s appeal: Supreme CourtC

Filing of income tax returns is mandatory for an assessee, and failure to do so will constitute an offence under Section 276 of the Income Tax Act, the Supreme Court held on Thursday. 

A Bench gave the ruling, ordering prosecution of Tamil Nadu Chief Minister Jayalalithaa and her close aide N. Sasikalaa for not filing returns. The consequence of non-filing of returns on time has also been stipulated in the IT Act. “The offence under Section 276CC will be attracted on failure to comply with Section 139(1) or to respond to the notice issued under Section 142 or Section 148 within the time limit specified therein,” it said. 

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