https://www.taxtmi.com/caselaws?id=260530 The Tribunal partially allowed the appeal, reducing the penalty under section 221(1) of the Income Tax Act to 2.5% of the self-assessment tax. The appellant's explanation for the delay in tax payment was not accepted due to contradictory financial positions. Despite citing case laws, the Tribunal emphasized the significance of timely tax compliance and financial transparency, leading to the penalty reduction based on the circumstances. en-us Wed, 03 Jun 2015 00:00:00 +0530 Tue, 16 Jun 2015 08:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260530 The Tribunal partially allowed the appeal, reducing the penalty under section 221(1) of the Income Tax Act to 2.5% of the self-assessment tax. The appellant's explanation for the delay in tax payment was not accepted due to contradictory financial positions. Despite citing case laws, the Tribunal emphasized the significance of timely tax compliance and financial transparency, leading to the penalty reduction based on the circumstances. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260530