SUGANDHA MADHUKAR SHETTY vs DEPUTY COMMISSIONER OF INCOME TAX

Whether penalty under section 140A(3) read with section 221(1) of the Income Tax Act can be sustained for delay in payment of self-assessment tax when the assessee has already discharged the interest liability? --- Held: No. Whether the existence of sufficient cause for delay is relevant when the penalty itself is not legally sustainable? --- Held: No.