https://www.taxtmi.com/caselaws?id=66193 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 140A (3) for non-payment of self-assessment tax. The Tribunal held that the lack of funds presented by the assessee as a reasonable cause for non-payment was genuine, citing precedents where penalties were canceled in similar circumstances. Emphasizing the need for fair and reasonable exercise of discretion by the Income Tax Officer, the Tribunal highlighted that financial constraints can justify non-payment of self-assessment tax, leading to the decision in favor of the assessee based on principles of fairness and reasonableness. en-us Mon, 27 Jul 1987 00:00:00 +0530 Tue, 22 Feb 2011 10:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66193 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 140A (3) for non-payment of self-assessment tax. The Tribunal held that the lack of funds presented by the assessee as a reasonable cause for non-payment was genuine, citing precedents where penalties were canceled in similar circumstances. Emphasizing the need for fair and reasonable exercise of discretion by the Income Tax Officer, the Tribunal highlighted that financial constraints can justify non-payment of self-assessment tax, leading to the decision in favor of the assessee based on principles of fairness and reasonableness. Case-Laws Income Tax Mon, 27 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66193