https://www.taxtmi.com/caselaws?id=63098 The Tribunal canceled the penalty imposed on a Private Limited Company under section 221(1) of the IT Act, 1961 for delayed payment of advance tax due to unforeseen circumstances affecting key personnel responsible for tax matters. Despite acknowledging the delay, the Tribunal found no malicious intent and deemed the penalty excessive, ruling in favor of the assessee and canceling the penalty. en-us Wed, 27 Feb 1980 00:00:00 +0530 Thu, 27 Jan 2011 17:57:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63098 The Tribunal canceled the penalty imposed on a Private Limited Company under section 221(1) of the IT Act, 1961 for delayed payment of advance tax due to unforeseen circumstances affecting key personnel responsible for tax matters. Despite acknowledging the delay, the Tribunal found no malicious intent and deemed the penalty excessive, ruling in favor of the assessee and canceling the penalty. Case-Laws Income Tax Wed, 27 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63098