Levy of penalty levied u/s 122 - delay in depositing the tax so...

Levy of penalty levied u/s 122 - delay in depositing the tax so collected beyond a period of three months - In the facts of case, the maximum penalty imposable was Rs. 10,000/- or the tax evaded, whichever was more; there being no allegation of tax evasion, the maximum penalty that could have been imposed was Rs. 10,000/- which could even be lower than the said amount if the Taxing Authority as well as the Assessing Authority had considered the mandate of Section 126(2) of the Act read with Notification dated 01.06.2021. - HC