Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on ...

Case Laws Income Tax

July 13, 2022

Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on due date - Provisions of Section 140A (3) can apply only when there is a self-assessment tax payable with respect to the return filed u/s 139 of the act. Further, if there is a failure u/s 140 A (3) then only assessee can be held to be “assessee in default”. As in the present case there is no return of income filed u/s 139 of the income tax act, therefore any penalty based on that return, does not survive. - AT

View Source

← Previous Next →

Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on ...

Case Laws Income Tax

July 13, 2022

You may also like:

Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - Return of Income as filed u/s 139(1) itself was declared an invalid Return - scope of...

Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - without there being any requisite corresponding amendment to Sec. 221 in consonance with...

The provisions of s. 221 providing for penalty payable when tax is in default applies to both the situations, i.e., when assessee is in default in respect of the...

Penalty imposed u/s. 221 r.w.s. 140A(3) - no self assessment tax was paid - the assessee shall not cease to be liable to any penalty under sub-section (1) of section 221...

Penalty u/s 221(1) - default in paying Self Assessment tax u/s 140A - was passing through severe financial hardships during the above period which is a sufficient and...

Penalty under section 221(1) read with section 140A(3) - default in payment of the tax demand - penalty @ 5% of the admitted tax liability would be reasonable and meet...

Penalty u/s. 221(1) r.w. Section 140A (3) – assessee in default - payment of tax, along with interest, after due dates cannot be considered a sufficient cause for...

Penalty u/s 140A(3) r.w. Section 221 – The assessee on account of having incurred heavy losses in share trading was not in a position to make payment of self-assessment...

Penalty levied u/s 221(1) - delay in payment of self assessment tax u/s 140A - assessee had filed its return of income on 30.09.2010 without payment of taxes - due date...

Penalty levied u/s 221(1) - the reason for non-payment of self assessment tax was that it was not having liquid funds and all its funds were locked in shares and...

Penalty levied on the assessee/Trust under Section 273(2)(a) and under Section 140A(3) - filing NIL estimate of advance tax and nonpayment of the self assessment tax -...

Penalty u/s 221(1) - outstanding demand on account of self assessment tax -the penalty imposed at 10% of the outstanding demand for both the assessment years u/s 221(1)...

Penalty u/s 140A(3) - non payment of self assessment tax which was shown as payable in the return of income filed - assessee was denied opportunity of hearing to...

Penalty u/s.140A(3) r.w.s. 221 - assessee failed to pay self-assessment tax - levy of penalty by the u/s.221(1) is discretionary and not automatic. - for levy of...

Penalty u/s 221(1) can be levied for non-payment of self-assessment tax u/s 140A at the time of filing an income tax return, even if the tax has been paid by revising the return.

Quick Updates: