https://www.taxtmi.com/caselaws?id=239642 The High Court upheld the Tribunal's decision to cancel penalties under Section 140A(3) of the Income Tax Act for the assessment years 1982-83 and 1983-84 for a soft drinks dealer. The cancellation was based on the dealer's explanation of lack of funds due to property damages from a mob attack and wider circumstances like the assassination of Mrs. Indira Gandhi and subsequent riots. The Court found the penalty cancellation fair and reasonable considering these exceptional circumstances, affirming the Tribunal's decision in favor of the assessee. en-us Mon, 29 Apr 2013 00:00:00 +0530 Mon, 18 Nov 2013 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239642 The High Court upheld the Tribunal's decision to cancel penalties under Section 140A(3) of the Income Tax Act for the assessment years 1982-83 and 1983-84 for a soft drinks dealer. The cancellation was based on the dealer's explanation of lack of funds due to property damages from a mob attack and wider circumstances like the assassination of Mrs. Indira Gandhi and subsequent riots. The Court found the penalty cancellation fair and reasonable considering these exceptional circumstances, affirming the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Mon, 29 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239642