https://www.taxtmi.com/caselaws?id=414051 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 221(1) read with Section 140A(3) of the Income Tax Act, 1961 for A.Y. 2011-12 and A.Y. 2012-13. It was held that post-amendment Section 140A(3) does not allow for penalty imposition for non-payment of self-assessment tax. The Tribunal found the assessee's financial constraints, attributed to delays in a development project, as a reasonable cause for non-payment, justifying the penalty deletion. Consequently, the Tribunal dismissed the revenue's appeals for both assessment years. en-us Thu, 21 Oct 2021 00:00:00 +0530 Tue, 26 Oct 2021 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414051 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 221(1) read with Section 140A(3) of the Income Tax Act, 1961 for A.Y. 2011-12 and A.Y. 2012-13. It was held that post-amendment Section 140A(3) does not allow for penalty imposition for non-payment of self-assessment tax. The Tribunal found the assessee's financial constraints, attributed to delays in a development project, as a reasonable cause for non-payment, justifying the penalty deletion. Consequently, the Tribunal dismissed the revenue's appeals for both assessment years. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414051