https://www.taxtmi.com/caselaws?id=393966 The Tribunal ruled in favor of the assessee, setting aside the penalties imposed under Section 221(1) of the Income Tax Act. The Tribunal found that the penalties were not sustainable due to the defective return of income and the absence of a valid demand notice under Section 156. Additionally, the Tribunal emphasized that the amended Section 140A(3) does not allow for penalties for non-payment of self-assessment tax. As a result, the penalties totaling Rs. 8,85,730 were canceled, and the appeal by the assessee was allowed for statistical purposes. en-us Tue, 17 Mar 2020 00:00:00 +0530 Thu, 26 Mar 2020 12:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393966 The Tribunal ruled in favor of the assessee, setting aside the penalties imposed under Section 221(1) of the Income Tax Act. The Tribunal found that the penalties were not sustainable due to the defective return of income and the absence of a valid demand notice under Section 156. Additionally, the Tribunal emphasized that the amended Section 140A(3) does not allow for penalties for non-payment of self-assessment tax. As a result, the penalties totaling Rs. 8,85,730 were canceled, and the appeal by the assessee was allowed for statistical purposes. Case-Laws Income Tax Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393966