Dear CA Leela Kumar,
Thanks for providing your inputs and taking a great deal of interest in this post.
I understand what you are trying to say. There are two aspects to this question. Behavioral or character, and skills related. Now, of course, if a candidate says that I am not punctual; I am short-tempered; or not good at working with teams, I or any other HR professional will take it negatively, and the candidate will be rejected.
However, would any candidate really say any of the above? I don't think so. Weakness and negative behavior are two different things, and we should not be confused between the two.
It depends on the candidate, which direction he or she would want the interview to head towards. When I have gone to an organization for professional reasons, I would only focus on professional concerns, and not talk about personal character or behaviors.
Talk about weakness, and not character here. Moreover, don't just stop at the weakness. Also tell how you are working on it, and how far have you succeeded.
If the same question is thrown at me, I would say, "I always like to get things done faster than the speculated time, which sometimes create a panic. However, I stay mentally controlled and effectively plan in advance to avoid panic, while understanding the fact that others in my team may have a different working style, and every successful project is a team work."
In this answer, I talked only about a work related aspect and not behavioral, and I also told about how I work to control this. I can also add that this weakness has never impacted my performance, and I take extra precaution to ensure that.
Additionally, if an HR personal can't consider a human weakness (as long as it's not things like not being punctual, being abusive, being alcoholic etc.), then he is either looking for:
PERFECT employee - which doesn't exist;
LIAR - because no one would say that "I am not punctual, or I procrastinate, or I am abusive or I am alcoholic or any thing else."
Moreover, things like punctuality, alcoholic, abusive, short-tempered, would come out in reference check as well, because people who possess these traits, are never liked in any organization they work for. So there is not reason to lie.
Kindly let me know what you think of my opinion.