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Penalty for failure to pay self-assessed tax should be initiated promptly to ensure deterrence and prompt collection. The Board instructs that penalty proceedings under section 140A(3) for failure to pay self-assessed tax need not be initiated during assessment proceedings but should be commenced promptly, preferably within one month after the due date, because delays defeat the deterrent purpose; any cases initiated or completed after assessment should be expeditiously closed.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to pay self-assessed tax should be initiated promptly to ensure deterrence and prompt collection.
The Board instructs that penalty proceedings under section 140A(3) for failure to pay self-assessed tax need not be initiated during assessment proceedings but should be commenced promptly, preferably within one month after the due date, because delays defeat the deterrent purpose; any cases initiated or completed after assessment should be expeditiously closed.
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