https://www.taxtmi.com/caselaws?id=58625 The Tribunal upheld the Commissioner (Appeals)' decision to cancel the penalty under section 140A(3) of the Income-tax Act, 1961 for the assessment year 1984-85. The assessee's reasonable cause for non-payment of self-assessment tax, due to assets seized and retained by the department, was considered valid. The Tribunal dismissed the department's appeal, acknowledging the impracticality of meeting the tax liability when the seized assets were inaccessible to the assessee. The exemption under section 249(4) for the remaining tax due on self-assessment was granted, allowing the potential sale of seized assets to settle the tax liability. en-us Fri, 21 Jun 1991 00:00:00 +0530 Tue, 21 Dec 2010 12:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58625 The Tribunal upheld the Commissioner (Appeals)' decision to cancel the penalty under section 140A(3) of the Income-tax Act, 1961 for the assessment year 1984-85. The assessee's reasonable cause for non-payment of self-assessment tax, due to assets seized and retained by the department, was considered valid. The Tribunal dismissed the department's appeal, acknowledging the impracticality of meeting the tax liability when the seized assets were inaccessible to the assessee. The exemption under section 249(4) for the remaining tax due on self-assessment was granted, allowing the potential sale of seized assets to settle the tax liability. Case-Laws Income Tax Fri, 21 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58625