Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2015 Year 2015 This

Penalty u/s 140A(3) r.w. Section 221 – The assessee on account ...

Income Tax

January 1, 2015

Penalty u/s 140A(3) r.w. Section 221 – The assessee on account of having incurred heavy losses in share trading was not in a position to make payment of self-assessment tax at the relevant time and the revenue itself had granted installments to the assessee - no penalty - HC

View Source

 


 

You may also like:

  1. Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - Return of Income as filed u/s 139(1) itself was declared an invalid Return - scope of...

  2. Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - without there being any requisite corresponding amendment to Sec. 221 in consonance with...

  3. Penalty u/s.140A(3) r.w.s. 221 - assessee failed to pay self-assessment tax - levy of penalty by the u/s.221(1) is discretionary and not automatic. - for levy of...

  4. 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...

  5. Penalty imposed u/s. 221 r.w.s. 140A(3) - no self assessment tax was paid - the assessee shall not cease to be liable to any penalty under sub-section (1) of section 221...

  6. Penalty u/s 221(1) - outstanding demand on account of self assessment tax -the penalty imposed at 10% of the outstanding demand for both the assessment years u/s 221(1)...

  7. Penalty u/s. 221(1) r.w. Section 140A (3) – assessee in default - payment of tax, along with interest, after due dates cannot be considered a sufficient cause for...

  8. Penalty levied on the assessee/Trust under Section 273(2)(a) and under Section 140A(3) - filing NIL estimate of advance tax and nonpayment of the self assessment tax -...

  9. Penalty under section 221(1) read with section 140A(3) - default in payment of the tax demand - penalty @ 5% of the admitted tax liability would be reasonable and meet...

  10. Restriction of penalty imposed u/s 140A(3) to 25% - when the authorities were justified in restricting the penalty to 25% based on cogent material and finding, more so...

 

Quick Updates:Latest Updates