https://www.taxtmi.com/caselaws?id=254512 The Court upheld the decision to restrict the penalty under Section 140A(3) to 25%, emphasizing the lack of intention to evade tax and the timely payment made by the assessee. The Court found the reduction of the penalty to be justified, considering mitigating factors and the payment made before the notice under Section 140A(3) was issued. The appeal by the revenue challenging the penalty imposition was dismissed, with the Court concluding that no substantial question of law arose. en-us Mon, 22 Dec 2014 00:00:00 +0530 Tue, 17 Mar 2015 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254512 The Court upheld the decision to restrict the penalty under Section 140A(3) to 25%, emphasizing the lack of intention to evade tax and the timely payment made by the assessee. The Court found the reduction of the penalty to be justified, considering mitigating factors and the payment made before the notice under Section 140A(3) was issued. The appeal by the revenue challenging the penalty imposition was dismissed, with the Court concluding that no substantial question of law arose. Case-Laws Income Tax Mon, 22 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254512