https://www.taxtmi.com/caselaws?id=29451 The Tribunal justified canceling the penalty imposed by the ITO due to the assessee's reasonable cause for delayed payment of self-assessment tax. The court clarified that penalties under Section 140A(3) are at the ITO's discretion, emphasizing the need for a case-by-case assessment. It affirmed the binding nature of CBDT circulars on the ITO, supporting the Tribunal's decision. The outcome favored the assessee, with the department ordered to pay costs. en-us Wed, 07 Mar 1979 00:00:00 +0530 Sat, 13 Mar 2010 10:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29451 The Tribunal justified canceling the penalty imposed by the ITO due to the assessee's reasonable cause for delayed payment of self-assessment tax. The court clarified that penalties under Section 140A(3) are at the ITO's discretion, emphasizing the need for a case-by-case assessment. It affirmed the binding nature of CBDT circulars on the ITO, supporting the Tribunal's decision. The outcome favored the assessee, with the department ordered to pay costs. Case-Laws Income Tax Wed, 07 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29451