https://www.taxtmi.com/caselaws?id=207848 The tribunal allowed the appeals for statistical purposes, directing the Assessing Officer to recompute the penalty based on the revised income declared by the assessee. If the revised returns were valid, the penalty should not exceed 5% of the tax due but not paid under section 140A. The tribunal emphasized the discretionary power of the Assessing Officer to levy penalties under section 221(1) and stressed the importance of providing a reasonable opportunity for the assessee to be heard before imposing penalties. en-us Fri, 11 Mar 2011 00:00:00 +0530 Wed, 06 Jul 2011 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207848 The tribunal allowed the appeals for statistical purposes, directing the Assessing Officer to recompute the penalty based on the revised income declared by the assessee. If the revised returns were valid, the penalty should not exceed 5% of the tax due but not paid under section 140A. The tribunal emphasized the discretionary power of the Assessing Officer to levy penalties under section 221(1) and stressed the importance of providing a reasonable opportunity for the assessee to be heard before imposing penalties. Case-Laws Income Tax Fri, 11 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207848