https://www.taxtmi.com/caselaws?id=72001 The tribunal concluded that the penalty imposed under Section 221(1) of the Income Tax Act was not justified as it pertained to interest, not tax. It found that the authorities did not adequately consider the facts and explanations provided by the assessee. The tribunal emphasized that Section 221(1) applies to default in tax payment, not interest. It also deemed the penalty excessive and acknowledged a reasonable cause for the payment delay. Consequently, the tribunal deleted the penalty and allowed the assessee's appeal. en-us Wed, 08 Oct 2008 00:00:00 +0530 Thu, 28 Apr 2011 17:07:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72001 The tribunal concluded that the penalty imposed under Section 221(1) of the Income Tax Act was not justified as it pertained to interest, not tax. It found that the authorities did not adequately consider the facts and explanations provided by the assessee. The tribunal emphasized that Section 221(1) applies to default in tax payment, not interest. It also deemed the penalty excessive and acknowledged a reasonable cause for the payment delay. Consequently, the tribunal deleted the penalty and allowed the assessee's appeal. Case-Laws Income Tax Wed, 08 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72001