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| The Tax Publishers2020 TaxPub(DT) 5264 (Del-Trib) INCOME TAX ACT, 1961
Section 140A(3) read with Section 221(1)
Where amended section 140(3) with effect from 1-04-1989 does not envisage any penalty for non-payment of self-assessment tax, the AO was not justified in levying penalty under section 140A(3) by making recourse to section 221 and accordingly, the penalty levied under section 140A(3) read with section 221(1) was liable to be deleted.
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Penalty under section 140A(3) - Leviability - Tax not paid till date of finalization of assessment under section 143(3) -
As per assessee's return of income, certain amount was shown as tax payable under section 140A. Since the tax was not paid till the date of finalization of assessment under section 143(3), the AO levied penalty under section 140A(3) read with section 221(1). Held: The amended section 140(3) with effect from 1-04-1989 does not envisage any penalty for non-payment of self-assessment tax. Since the assessment year under consideration was 2010-11, the AO was not justified in levying penalty under section 140A(3) by making recourse to section 221 and accordingly, the penalty levied under section 140A(3) read with section 221(1) was deleted.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2010-11
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