https://www.taxtmi.com/caselaws?id=250533 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under Section 140A(3) of the Income-tax Act, 1961. It ruled that the penalty was unjustified as the assessee filed a valid revised return, substituting the original return and paid the admitted tax liability, thereby nullifying any basis for penalty imposition. The Tribunal emphasized that filing a revised return within the prescribed period and paying the tax liability at that time negates the applicability of penalty provisions under Section 140A(3). en-us Fri, 08 Aug 2014 00:00:00 +0530 Mon, 18 Aug 2014 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250533 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under Section 140A(3) of the Income-tax Act, 1961. It ruled that the penalty was unjustified as the assessee filed a valid revised return, substituting the original return and paid the admitted tax liability, thereby nullifying any basis for penalty imposition. The Tribunal emphasized that filing a revised return within the prescribed period and paying the tax liability at that time negates the applicability of penalty provisions under Section 140A(3). Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250533