TMI BlogPenalty u/s 221 r.w.s. 140A - default of non-payment of taxes on due date - Provisions of Section 140A...Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on due date - Provisions of Section 140A (3) can apply only when there is a self-assessment tax payable with respect to the return filed u/s 139 of the act. Further, if there is a failure u/s 140 A (3) then only assessee can be held to be “assessee in default”. As in the present case there is no return of income filed u/s 139 of the income tax act, therefore any penalty based on that return, does not survive. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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