https://www.taxtmi.com/caselaws?id=64625 Penalty under section 221 of the Income-tax Act was held unsustainable where the assessee had substantially discharged the tax liability through tax deducted at source and advance tax instalments, leaving only a negligible balance unpaid. Although there was technical non-compliance in not filing the estimate and not responding fully to the advance tax notice, the breach was treated as venial because the Revenue suffered no loss and no ulterior motive or gain was shown. On that basis, the penalty levy was set aside in favour of the assessee. en-us Fri, 03 Dec 1976 00:00:00 +0530 Wed, 09 Feb 2011 10:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64625 Penalty under section 221 of the Income-tax Act was held unsustainable where the assessee had substantially discharged the tax liability through tax deducted at source and advance tax instalments, leaving only a negligible balance unpaid. Although there was technical non-compliance in not filing the estimate and not responding fully to the advance tax notice, the breach was treated as venial because the Revenue suffered no loss and no ulterior motive or gain was shown. On that basis, the penalty levy was set aside in favour of the assessee. Case-Laws Income Tax Fri, 03 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64625