https://www.taxtmi.com/acts?id=4078 When an assessee defaults in payment of tax, the Assessing Officer may direct a penalty in addition to arrears and interest, with further penalties for continuing default, but the total penalty cannot exceed the tax in arrears; the assessee must be given a reasonable opportunity of being heard and, if the default is shown to be for good and sufficient reasons, no penalty shall be levied; prior payment of tax does not by itself remove penalty liability; if a final order wholly reduces the tax, the penalty shall be cancelled and refunded. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 22 Jul 2025 11:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4078 When an assessee defaults in payment of tax, the Assessing Officer may direct a penalty in addition to arrears and interest, with further penalties for continuing default, but the total penalty cannot exceed the tax in arrears; the assessee must be given a reasonable opportunity of being heard and, if the default is shown to be for good and sufficient reasons, no penalty shall be levied; prior payment of tax does not by itself remove penalty liability; if a final order wholly reduces the tax, the penalty shall be cancelled and refunded. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4078