https://www.taxtmi.com/caselaws?id=67006 Penalty for late self-assessment tax payment was not justified because the assessees showed sufficient cause for the delay under section 140A(3). The assessees were minors whose income came only from their share in the firm, and the firm's funds were locked in closing stock and outstanding dues. Payment was made as soon as liquidity became available after stock sales and recoveries from buyers. The delay was therefore attributable to financial hardship, not contumacious default, and the explanation was accepted on the basis of the firm's financial position. en-us Thu, 07 May 1981 00:00:00 +0530 Tue, 08 Mar 2011 17:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67006 Penalty for late self-assessment tax payment was not justified because the assessees showed sufficient cause for the delay under section 140A(3). The assessees were minors whose income came only from their share in the firm, and the firm's funds were locked in closing stock and outstanding dues. Payment was made as soon as liquidity became available after stock sales and recoveries from buyers. The delay was therefore attributable to financial hardship, not contumacious default, and the explanation was accepted on the basis of the firm's financial position. Case-Laws Income Tax Thu, 07 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67006