https://www.taxtmi.com/caselaws?id=9773 The court held that penalty under Section 140A(3) for non-payment of tax on admitted income can be waived if the assessee shows sufficient cause. The Tribunal's decision to uphold the penalty without considering the reasonable cause presented was deemed incorrect. The court emphasized that penalty imposition is not automatic and should only occur if the assessee fails to demonstrate reasonable cause for non-payment. The judgment favored the assessee and dismissed the Revenue's contentions, concluding that discretion should be exercised in penalty imposition under Section 140A(3). en-us Tue, 21 Mar 2006 00:00:00 +0530 Tue, 30 Jun 2009 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9773 The court held that penalty under Section 140A(3) for non-payment of tax on admitted income can be waived if the assessee shows sufficient cause. The Tribunal's decision to uphold the penalty without considering the reasonable cause presented was deemed incorrect. The court emphasized that penalty imposition is not automatic and should only occur if the assessee fails to demonstrate reasonable cause for non-payment. The judgment favored the assessee and dismissed the Revenue's contentions, concluding that discretion should be exercised in penalty imposition under Section 140A(3). Case-Laws Income Tax Tue, 21 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9773