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2020 (12) TMI 180 - AT - Income TaxLevying penalty u/s 140A(3) - tax was not paid till the date of finalisation of assessment under section 143(3) AO proceeded to levy penalty under section 140A(3) read with section 221(1) - scope of amendment - HELD THAT:- In our view, the fact that the amended section 140(3) with effect from 01.04.1989 does not envisage any penalty for non-payment of self-assessment tax, the Assessing Officer was not justified in levying the impugned penalty by making recourse to section 221 of the Act. We, accordingly, direct the Assessing Officer to delete the penalty imposed under section 140A read with section 221(1) of the Act. - Decided in favour of assessee.
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