https://www.taxtmi.com/caselaws?id=247074 The Tribunal affirmed the CIT(A)'s decision to delete the penalty under section 140A(3) of the Income Tax Act. The assessee's financial difficulties, losses incurred, and subsequent payment of the tax amount in installments justified the penalty cancellation. The Tribunal held that no penalty should be levied as the assessee proved reasonable cause for the default. Consequently, the Revenue's appeal against the penalty deletion was dismissed. en-us Thu, 17 Apr 2014 00:00:00 +0530 Thu, 01 May 2014 08:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247074 The Tribunal affirmed the CIT(A)'s decision to delete the penalty under section 140A(3) of the Income Tax Act. The assessee's financial difficulties, losses incurred, and subsequent payment of the tax amount in installments justified the penalty cancellation. The Tribunal held that no penalty should be levied as the assessee proved reasonable cause for the default. Consequently, the Revenue's appeal against the penalty deletion was dismissed. Case-Laws Income Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247074