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| The Tax Publishers2020 TaxPub(DT) 4185 (Pune-Trib) INCOME TAX ACT, 1961
Section 221 Section 140A(3)
Penalty levied on assessee on account of failure of self-assessment tax was liable to confirmed as financial position as on the due dates of installments of payments of advance tax and also on due date for filing of return of income, was sufficient enough to discharge the tax liability as on the due dates of installments in terms of section 211.
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Recovery - Penalty under section 221(1) - Failure of self-assessment tax -
AO imposed penalty on assessee under section 221 read with section 140A (3) on account of failure of self-assessment tax. Assessee raised a ground that due to financial liquidity crisis it could not pay taxes. Held: The financial position of assessee as on the due dates of installments of payments of advance tax and also on due date for filing of return of income, was sufficient enough to discharge the tax liability as on the due dates of installments in terms of section 211. Therefore, penalty levied was liable to be confirmed.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2013-14
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