https://www.taxtmi.com/caselaws?id=14693 The High Court ruled in favor of the Revenue, upholding the penalty under section 140A(3) of the Income-tax Act, 1961. The court emphasized the importance of timely payment of admitted tax, requiring assessees to provide valid reasons for any delays. Despite multiple opportunities given, the assessees failed to justify their non-compliance, leading to the conclusion that the Tribunal's decision to cancel the penalty was unjustified. The court highlighted the burden on assessees to comply with tax payment requirements and provide reasonable cause for any delays. en-us Fri, 15 Sep 2000 00:00:00 +0530 Sat, 18 Jul 2009 11:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14693 The High Court ruled in favor of the Revenue, upholding the penalty under section 140A(3) of the Income-tax Act, 1961. The court emphasized the importance of timely payment of admitted tax, requiring assessees to provide valid reasons for any delays. Despite multiple opportunities given, the assessees failed to justify their non-compliance, leading to the conclusion that the Tribunal's decision to cancel the penalty was unjustified. The court highlighted the burden on assessees to comply with tax payment requirements and provide reasonable cause for any delays. Case-Laws Income Tax Fri, 15 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14693