https://www.taxtmi.com/caselaws?id=65499 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision to cancel the penalty of Rs. 21 Lakhs imposed under section 221 of the Income-tax Act, 1961. The Tribunal found that the penalty was not justified as the entire taxes were paid within the time allowed by the Assessing Officer, despite a technical delay of less than 20 days in paying interest. It was determined that the penalty under section 221 should be imposed judiciously, and in this case, the Assessing Officer's discretion led to the cancellation of the penalty. The Revenue's appeal was dismissed. en-us Fri, 22 Feb 2008 00:00:00 +0530 Wed, 16 Feb 2011 11:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65499 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision to cancel the penalty of Rs. 21 Lakhs imposed under section 221 of the Income-tax Act, 1961. The Tribunal found that the penalty was not justified as the entire taxes were paid within the time allowed by the Assessing Officer, despite a technical delay of less than 20 days in paying interest. It was determined that the penalty under section 221 should be imposed judiciously, and in this case, the Assessing Officer's discretion led to the cancellation of the penalty. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65499