https://www.taxtmi.com/caselaws?id=260126 The Tribunal partially allowed the revenue's appeals, restricting the penalty under section 140A(3) read with section 221(1) of the Income Tax Act to Rs. 10 lakhs for each assessment year. The Tribunal considered the financial circumstances of the assessee, who was in an expansion phase facing financial constraints, and decided to limit the penalty despite funds being available for expansion. en-us Fri, 02 Aug 2013 00:00:00 +0530 Tue, 02 Jun 2015 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260126 The Tribunal partially allowed the revenue's appeals, restricting the penalty under section 140A(3) read with section 221(1) of the Income Tax Act to Rs. 10 lakhs for each assessment year. The Tribunal considered the financial circumstances of the assessee, who was in an expansion phase facing financial constraints, and decided to limit the penalty despite funds being available for expansion. Case-Laws Income Tax Fri, 02 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260126