https://www.taxtmi.com/caselaws?id=209380 The High Court upheld the Tribunal's decision to grant relief from penalty under Section 140-A(3) of the Income Tax Act, 1961, for a specific period due to financial hardship caused by riots and fire damage. The Court emphasized the discretionary nature of penalty imposition and the absence of a minimum penalty requirement. The judgment favored the assessee, highlighting the significance of considering extraordinary circumstances and allowing breathing space for affected taxpayers, ultimately disposing of the reference in favor of the assessee. en-us Fri, 08 Oct 2010 00:00:00 +0530 Sat, 20 Jul 2013 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209380 The High Court upheld the Tribunal's decision to grant relief from penalty under Section 140-A(3) of the Income Tax Act, 1961, for a specific period due to financial hardship caused by riots and fire damage. The Court emphasized the discretionary nature of penalty imposition and the absence of a minimum penalty requirement. The judgment favored the assessee, highlighting the significance of considering extraordinary circumstances and allowing breathing space for affected taxpayers, ultimately disposing of the reference in favor of the assessee. Case-Laws Income Tax Fri, 08 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209380