https://www.taxtmi.com/caselaws?id=18972 The High Court upheld the validity of the penalty order under section 140A(3) of the Income-tax Act, 1961, ruling in favor of the Revenue. The court considered conflicting judgments from different High Courts but ultimately relied on precedent supporting the validity of the provision. Despite a previous declaration of unconstitutionality by the High Court of Madras, the court emphasized that subsequent rulings favored the legality of section 140A(3). Consequently, the penalty imposed on the assessee was deemed valid, overturning the decision of the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal. en-us Wed, 24 Nov 1993 00:00:00 +0530 Tue, 03 Nov 2009 11:29:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18972 The High Court upheld the validity of the penalty order under section 140A(3) of the Income-tax Act, 1961, ruling in favor of the Revenue. The court considered conflicting judgments from different High Courts but ultimately relied on precedent supporting the validity of the provision. Despite a previous declaration of unconstitutionality by the High Court of Madras, the court emphasized that subsequent rulings favored the legality of section 140A(3). Consequently, the penalty imposed on the assessee was deemed valid, overturning the decision of the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal. Case-Laws Income Tax Wed, 24 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18972