https://www.taxtmi.com/caselaws?id=61272 Penalty for non-payment of self-assessment tax under section 140A was treated as excessive where the assessee had revised its return on the basis of a bona fide claim to carry forward earlier-year losses and was continuing to contest the related tax adjustment. The surrounding circumstances indicated that the default was not deliberate, and an identical penalty proceeding under section 273(a) had also been dropped. On that basis, the penalty was not sustained in full and was reduced to a nominal amount of Rs. 500, giving the assessee partial relief. en-us Mon, 25 Jul 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61272 Penalty for non-payment of self-assessment tax under section 140A was treated as excessive where the assessee had revised its return on the basis of a bona fide claim to carry forward earlier-year losses and was continuing to contest the related tax adjustment. The surrounding circumstances indicated that the default was not deliberate, and an identical penalty proceeding under section 273(a) had also been dropped. On that basis, the penalty was not sustained in full and was reduced to a nominal amount of Rs. 500, giving the assessee partial relief. Case-Laws Income Tax Mon, 25 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61272