https://www.taxtmi.com/caselaws?id=245869 The ITAT Hyderabad upheld the CIT(A)'s decision to delete the penalty imposed under section 221(1) of the IT Act for the assessment year 2010-11. The assessee, engaged in construction business, faced financial hardships due to market conditions, leading to delayed tax payment. The ITAT found the assessee's reasons for non-compliance genuine, emphasizing the discretionary nature of penalty imposition. As the tax liability and interest were eventually paid, the ITAT affirmed the deletion of the penalty, dismissing the Revenue's appeal. en-us Wed, 02 Apr 2014 00:00:00 +0530 Wed, 09 Apr 2014 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245869 The ITAT Hyderabad upheld the CIT(A)'s decision to delete the penalty imposed under section 221(1) of the IT Act for the assessment year 2010-11. The assessee, engaged in construction business, faced financial hardships due to market conditions, leading to delayed tax payment. The ITAT found the assessee's reasons for non-compliance genuine, emphasizing the discretionary nature of penalty imposition. As the tax liability and interest were eventually paid, the ITAT affirmed the deletion of the penalty, dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 02 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245869