https://www.taxtmi.com/caselaws?id=38880 The court upheld the penalties imposed by the Income-tax Officer under section 140A(3) of the Income-tax Act, 1961 for assessment years 1966-67, 1967-68, and 1968-69. The assessee's argument that financial constraints due to heavy construction works justified the non-payment of taxes within the specified period was rejected. The court emphasized the mandatory requirement for the assessee to pay taxes promptly and the discretion of the Income-tax Officer to levy penalties for non-compliance. The decision was affirmed by the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal, with no costs awarded. en-us Thu, 26 Feb 1976 00:00:00 +0530 Sat, 10 Apr 2010 11:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38880 The court upheld the penalties imposed by the Income-tax Officer under section 140A(3) of the Income-tax Act, 1961 for assessment years 1966-67, 1967-68, and 1968-69. The assessee's argument that financial constraints due to heavy construction works justified the non-payment of taxes within the specified period was rejected. The court emphasized the mandatory requirement for the assessee to pay taxes promptly and the discretion of the Income-tax Officer to levy penalties for non-compliance. The decision was affirmed by the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal, with no costs awarded. Case-Laws Income Tax Thu, 26 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38880