https://www.taxtmi.com/caselaws?id=401381 The Tribunal held that the penalty imposed under section 140A(3) of the Income Tax Act, 1961 for A.Y 2010-11 was unjustified. The amended provision effective from 01.04.1989 replaced penalties with mandatory interest for default in payment of self-assessment tax. As the legislative intent was clear in omitting penalty provisions, the Tribunal directed the Assessing Officer to delete the penalty. This decision emphasized aligning tax penalties with the amended statutory framework and provided relief to the assessee by overturning the penalty. en-us Fri, 04 Dec 2020 00:00:00 +0530 Sat, 05 Dec 2020 18:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401381 The Tribunal held that the penalty imposed under section 140A(3) of the Income Tax Act, 1961 for A.Y 2010-11 was unjustified. The amended provision effective from 01.04.1989 replaced penalties with mandatory interest for default in payment of self-assessment tax. As the legislative intent was clear in omitting penalty provisions, the Tribunal directed the Assessing Officer to delete the penalty. This decision emphasized aligning tax penalties with the amended statutory framework and provided relief to the assessee by overturning the penalty. Case-Laws Income Tax Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401381