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of <h1>Penalty under Income-tax Act for assessment year 1976-77 cancelled on appeal.</h1> The penalty of Rs. 6,290 under section 140A(3) of the Income-tax Act, 1961 for the assessment year 1976-77 was cancelled on appeal. The refund due to the ... Refund Of Tax The appeal was against a penalty of Rs. 6,290 under section 140A(3) of the Income-tax Act, 1961 for the assessment year 1976-77. The penalty was cancelled as the refund due to the firm covered the self-assessment tax liability, and there was no attempt to deprive the revenue of legitimate dues. The appeal was allowed. (Case citation: 1983 (11) TMI 146 - ITAT HYDERABAD-B)
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