https://www.taxtmi.com/caselaws?id=248000 The Tribunal upheld the CIT(A)'s decision to reduce the penalty imposed under Section 140A(3) of the Income Tax Act, 1961, from 100% to 25% of the tax liability. Both the assessee's appeal for further reduction and the Department's appeal for restoration of the full penalty were dismissed. The Tribunal found that the relief granted by the CIT(A) was sufficient and justified, emphasizing the mandatory nature of timely payment of admitted tax liabilities. en-us Mon, 31 Mar 2014 00:00:00 +0530 Thu, 29 May 2014 10:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248000 The Tribunal upheld the CIT(A)'s decision to reduce the penalty imposed under Section 140A(3) of the Income Tax Act, 1961, from 100% to 25% of the tax liability. Both the assessee's appeal for further reduction and the Department's appeal for restoration of the full penalty were dismissed. The Tribunal found that the relief granted by the CIT(A) was sufficient and justified, emphasizing the mandatory nature of timely payment of admitted tax liabilities. Case-Laws Income Tax Mon, 31 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248000