https://www.taxtmi.com/caselaws?id=261851 The court upheld the penalty under Section 221 of the Income Tax Act for failure to deposit tax deducted at source within the prescribed time. The penalty imposed by the Assessing Officer was reduced from 10% to 5% of the delayed tax amount by the Tribunal. The court affirmed the Tribunal's decision, stating that the penalty could be imposed without a separate order under Section 201 when the default was admitted. The court found the reasons provided by the appellant for the delay in payment insufficient and upheld the reduction of the penalty to 5%. The appeals were dismissed in favor of the respondent-revenue. en-us Mon, 20 Jul 2015 00:00:00 +0530 Sat, 07 Nov 2015 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261851 The court upheld the penalty under Section 221 of the Income Tax Act for failure to deposit tax deducted at source within the prescribed time. The penalty imposed by the Assessing Officer was reduced from 10% to 5% of the delayed tax amount by the Tribunal. The court affirmed the Tribunal's decision, stating that the penalty could be imposed without a separate order under Section 201 when the default was admitted. The court found the reasons provided by the appellant for the delay in payment insufficient and upheld the reduction of the penalty to 5%. The appeals were dismissed in favor of the respondent-revenue. Case-Laws Income Tax Mon, 20 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261851