Penalty waiver for default: taxpayer proving good and sufficient reasons prevents levy of penalty under section 221. The substituted proviso provides that if the assessee proves to the satisfaction of the Income-tax Officer that the default was for good and sufficient ... Summary
Penalty waiver for default: taxpayer proving good and sufficient reasons prevents levy of penalty under section 221.
The substituted proviso provides that if the assessee proves to the satisfaction of the Income-tax Officer that the default was for good and sufficient reasons, no penalty shall be levied under the provision, making penalty relief conditional on the assessee meeting the burden of proof before the Income-tax Officer.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 1 
Join Channel 
