https://www.taxtmi.com/caselaws?id=63997 The Tribunal allowed both appeals, canceling the penalty under Section 221 and quashing the interest levied under Section 201(1A). The delay in tax payment was found justified due to the seizure of books and subsequent delays in finalizing accounts. The Tribunal emphasized the appellant's diligence in depositing tax promptly after finalizing accounts and held that the Revenue failed to prove the absence of a reasonable cause for the delay. The CIT(Appeals) was criticized for not adequately considering the appellant's explanations and material facts. en-us Tue, 29 Jul 1997 00:00:00 +0530 Thu, 03 Feb 2011 10:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63997 The Tribunal allowed both appeals, canceling the penalty under Section 221 and quashing the interest levied under Section 201(1A). The delay in tax payment was found justified due to the seizure of books and subsequent delays in finalizing accounts. The Tribunal emphasized the appellant's diligence in depositing tax promptly after finalizing accounts and held that the Revenue failed to prove the absence of a reasonable cause for the delay. The CIT(Appeals) was criticized for not adequately considering the appellant's explanations and material facts. Case-Laws Income Tax Tue, 29 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63997