1976 (10) TMI 27

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..... 68 declaring an income of Rs. 2,27,113. He did not pay the tax payable on self-assessment, nor did he subsequently pay the tax when assessment was made on provisional basis, within the prescribed period. Later on, the assessee appears to have paid substantial part of the tax levied. Thereafter, the Income-tax Officer levied a penalty of Rs. 17,000 under section 140A(3). This was reduced to Rs. 10, .....

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..... 40A(3) expressly providing for reasonable opportunity being given to the assessee before the levy of any such penalty which would become meaningless if levy of penalty is automatic. Shri Awasthy lays stress on the words " shall be liable to pay ". But what the assessee is under an obligation to pay as penalty is such amount as the Income-tax Officer may direct. That necessarily implies that it is .....

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