https://www.taxtmi.com/circulars?id=10097 Section 140A(3) was held unconstitutional by the Madras High Court as imposing a confiscatory penalty affecting Article 19(1)(f); the Department notes the decision is adverse to revenue, has authorised a leave petition for appeal, and advises that the provision is a quasi-criminal penalty for willful default rather than compensation, recommending that the appeal be pursued and expedited without immediate amendment to the statute. en-us Sat, 01 Sep 1973 00:00:00 +0530 Fri, 17 Jun 2011 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10097 Section 140A(3) was held unconstitutional by the Madras High Court as imposing a confiscatory penalty affecting Article 19(1)(f); the Department notes the decision is adverse to revenue, has authorised a leave petition for appeal, and advises that the provision is a quasi-criminal penalty for willful default rather than compensation, recommending that the appeal be pursued and expedited without immediate amendment to the statute. Circulars Income Tax Sat, 01 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10097