2020 (12) TMI 180

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.... Shri Atigu Ahmed, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER, This appeal by the assessee is preferred against the order of the CIT(A) - 18, New Delhi dated 26.02.2015 pertaining to A.Y 2010-11. 2. The solitary grievance of the assessee is that the Assessing Officer erred in levying penalty under section 140A(3) of the Incometax Act, 1961 [hereinafter referred to as 'the Ac....

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....h this amendment, it has been provided in the Act that any delay in payment of self-assessment tax shall attract interest and not penalty. Since the A.Y under consideration is 2010-11, no penalty should have been levied by the Assessing Officer. 6. Per contra, the ld. DR supported the findings of the Assessing Officer. 7. We have carefully considered the orders of the authorities below. The ....

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....nterest." Quite clearly, if one is to read the earlier Section 140A(3) of the Act and the amended section w.e.f. 1.4.1989 along-with the explanatory notes to the amendment conjointly, it is clear that the earlier provision prescribing for levy of penalty for default outlined in Sub-section (1) of Section 140A(3) has yielded place to mandatory charging of interest for such default. The Hed....