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2006 (3) TMI 87 - HC - Income TaxPenalty under section 140A(3) - non-payment of tax of self-assessment - "1. Whether, the Tribunal is right in law in holding that penalty under section 140A(3) for non-payment of tax on admitted income is leviable after holding that the assessee was prevented by reasonable cause for non-payment of the said tax? - 2. Whether the Tribunal was right in holding that no lenience for assessees having reasonable cause for non-payment of self-assessment can be shown under law?" - finding recorded by the Tribunal has already been accepted by the Revenue and the same is not challenged before this court. As noticed by us earlier, the Tribunal has refused to exercise its discretion in favour of the assessee only on the ground that it has no power to waive the penalty. In our view, the said approach of the Tribunal is contrary to sub-section (3) of the Act. - In the light of what is stated above, the questions referred for our opinion and decision are answered in the affirmative, i.e., in favour of the assessee and against the Revenue.
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