https://www.taxtmi.com/caselaws?id=65785 The Tribunal partially allowed the appeal, restricting the penalty imposed on the assessee for non-payment of taxes to Rs. 148, based on the revised assessment amount by the ITO. The Tribunal held that penalty under section 221(1) should only apply to the actual tax amount in default, excluding interest. It deemed the excess penalty imposed by the ITO as illegal and void, emphasizing that 'tax' and 'interest' are distinct for penalty purposes under the Income Tax Act. en-us Fri, 12 Aug 1983 00:00:00 +0530 Fri, 18 Feb 2011 17:09:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65785 The Tribunal partially allowed the appeal, restricting the penalty imposed on the assessee for non-payment of taxes to Rs. 148, based on the revised assessment amount by the ITO. The Tribunal held that penalty under section 221(1) should only apply to the actual tax amount in default, excluding interest. It deemed the excess penalty imposed by the ITO as illegal and void, emphasizing that 'tax' and 'interest' are distinct for penalty purposes under the Income Tax Act. Case-Laws Income Tax Fri, 12 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65785