https://www.taxtmi.com/caselaws?id=69662 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty imposed by the Assessing Officer. It found that the amendment to Section 140A(1) had prospective operation, hence no requirement for the assessee to pay self-assessment tax before filing the return. Moreover, the Tribunal accepted the reasonable cause for non-payment of tax, leading to the conclusion that no penalty under Section 221(1) was justified. en-us Mon, 16 Aug 2004 00:00:00 +0530 Tue, 18 Jun 2013 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69662 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty imposed by the Assessing Officer. It found that the amendment to Section 140A(1) had prospective operation, hence no requirement for the assessee to pay self-assessment tax before filing the return. Moreover, the Tribunal accepted the reasonable cause for non-payment of tax, leading to the conclusion that no penalty under Section 221(1) was justified. Case-Laws Income Tax Mon, 16 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69662