https://www.taxtmi.com/caselaws?id=792062 Penalty for delayed payment of self-assessment tax was considered unsustainable after the 1987 amendment to section 140A(3), which treats default primarily as a recovery mechanism for tax and interest. The analysis noted that, because the earlier penal consequence for non-payment was omitted and section 221(1) was not correspondingly amended, levy of penalty for such delay lacked legal basis. On that reasoning, the penalty was deleted and the assessee's challenge succeeded. en-us Tue, 19 May 2026 00:00:00 +0530 Fri, 22 May 2026 07:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792062 Penalty for delayed payment of self-assessment tax was considered unsustainable after the 1987 amendment to section 140A(3), which treats default primarily as a recovery mechanism for tax and interest. The analysis noted that, because the earlier penal consequence for non-payment was omitted and section 221(1) was not correspondingly amended, levy of penalty for such delay lacked legal basis. On that reasoning, the penalty was deleted and the assessee's challenge succeeded. Case-Laws Income Tax Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792062