1983 (11) TMI 146 - AT - Income Tax

Summary

The appeal was against a penalty of Rs. 6,290 under section 140A(3) of the Income-tax Act, 1961 for the assessment year 1976-77. The penalty was cancelled as the refund due to the firm covered the self-assessment tax liability, and there was no attempt to deprive the revenue of legitimate dues. The appeal was allowed. (Case citation: 1983 (11) TMI 146 - ITAT HYDERABAD-B)