Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 275 - AT - Income TaxPenalty u/s 140A(3) - non-payment of self-assessment tax - Held that:- As decided in assessee own case the assessee was facing financial constrain and acute liquidity crunch and there was a “good and sufficient cause” for the assessee for non payment of tax which was incorrectly rejected by the AO while wrongly imposing penalty u/s 140A(3) of the Act. We are unable to see any infirmity, perversity or any other valid reason to interfere with the impugned order of the CIT(A) which deleted the penalty and thus, we uphold the same. In the case of the assessee for we delete the penalty levied by the ld CIT(A) and accordingly the appeal of the assessee is allowed. Consequently, the appeal of the revenue is against the order of the ld CIT(A) in restricting the penalty to ₹ 18 lakhs is also dismissed.
|