https://www.taxtmi.com/caselaws?id=65115 The Appellate Tribunal ITAT DELHI-E canceled the penalty of Rs. 1,500 imposed under s. 140-A(3) of the IT Act, 1961 for the assessment year 1974-75. The Tribunal accepted the assessee's justification for non-compliance with self-assessment tax payment requirements due to financial constraints, citing a similar judgment of the Punjab & Haryana High Court. The Tribunal emphasized that penalty imposition must consider the individual circumstances of each case, leading to the penalty cancellation in this instance. en-us Fri, 07 Sep 1979 00:00:00 +0530 Sat, 12 Feb 2011 14:15:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65115 The Appellate Tribunal ITAT DELHI-E canceled the penalty of Rs. 1,500 imposed under s. 140-A(3) of the IT Act, 1961 for the assessment year 1974-75. The Tribunal accepted the assessee's justification for non-compliance with self-assessment tax payment requirements due to financial constraints, citing a similar judgment of the Punjab & Haryana High Court. The Tribunal emphasized that penalty imposition must consider the individual circumstances of each case, leading to the penalty cancellation in this instance. Case-Laws Income Tax Fri, 07 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65115