https://www.taxtmi.com/caselaws?id=243142 The Tribunal allowed the assessee's appeal, deleting the penalty of Rs. 3,28,407 imposed under Section 221 of the Income Tax Act, 1961. The Tribunal found that the assessee had reasonable cause for the delay in payment, considering financial constraints and business exigencies. Consequently, the penalty was deleted based on the discretionary nature of penalty under Section 221. The issue of including interest chargeable under Sections 234B and 234C became academic following the deletion of the penalty. en-us Wed, 15 Jan 2014 00:00:00 +0530 Sun, 26 Jan 2014 18:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243142 The Tribunal allowed the assessee's appeal, deleting the penalty of Rs. 3,28,407 imposed under Section 221 of the Income Tax Act, 1961. The Tribunal found that the assessee had reasonable cause for the delay in payment, considering financial constraints and business exigencies. Consequently, the penalty was deleted based on the discretionary nature of penalty under Section 221. The issue of including interest chargeable under Sections 234B and 234C became academic following the deletion of the penalty. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243142