https://www.taxtmi.com/caselaws?id=260397 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the penalty imposed under Section 140A(3) of the Income Tax Act, 1961. The Tribunal found that the assessee had a valid reason for the delay in tax payment due to liquidity issues. It concluded that the penalty order was not sustainable as the AO misunderstood the relevant provisions of the Act and did not follow the correct procedure. en-us Mon, 11 May 2015 00:00:00 +0530 Wed, 10 Jun 2015 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260397 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the penalty imposed under Section 140A(3) of the Income Tax Act, 1961. The Tribunal found that the assessee had a valid reason for the delay in tax payment due to liquidity issues. It concluded that the penalty order was not sustainable as the AO misunderstood the relevant provisions of the Act and did not follow the correct procedure. Case-Laws Income Tax Mon, 11 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260397