https://www.taxtmi.com/caselaws?id=70905 The Tribunal upheld the decision of the CIT(A) to cancel penalties imposed under section 221(1) for default in complying with section 206C requirements. It ruled that without a demand notice under section 156, the assessee could not be considered in default. The Tribunal emphasized that penalties should not be implied where not explicitly stated in the law, and since there were no specific provisions treating defaulters under section 206C as default assessee, penalty under section 221(1) was deemed inapplicable. As a result, the appeals by the Revenue were dismissed. en-us Thu, 01 Nov 2001 00:00:00 +0530 Wed, 20 Apr 2011 10:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70905 The Tribunal upheld the decision of the CIT(A) to cancel penalties imposed under section 221(1) for default in complying with section 206C requirements. It ruled that without a demand notice under section 156, the assessee could not be considered in default. The Tribunal emphasized that penalties should not be implied where not explicitly stated in the law, and since there were no specific provisions treating defaulters under section 206C as default assessee, penalty under section 221(1) was deemed inapplicable. As a result, the appeals by the Revenue were dismissed. Case-Laws Income Tax Thu, 01 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70905