https://www.taxtmi.com/caselaws?id=27234 The Tribunal referred the question of whether penalty under section 140A(3) was leviable, finding that the imposition of penalty for failure to perform a statutory obligation is discretionary. Citing precedent, the Tribunal held that penalties can be refused for minor breaches. Due to financial constraints and lack of reasons provided by the ITO, the Tribunal concluded no penalty was warranted. The High Court upheld this decision, finding no legal issues and ruling in favor of the assessee, with no costs awarded. en-us Mon, 13 Aug 1984 00:00:00 +0530 Thu, 11 Feb 2010 16:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27234 The Tribunal referred the question of whether penalty under section 140A(3) was leviable, finding that the imposition of penalty for failure to perform a statutory obligation is discretionary. Citing precedent, the Tribunal held that penalties can be refused for minor breaches. Due to financial constraints and lack of reasons provided by the ITO, the Tribunal concluded no penalty was warranted. The High Court upheld this decision, finding no legal issues and ruling in favor of the assessee, with no costs awarded. Case-Laws Income Tax Mon, 13 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27234