https://www.taxtmi.com/caselaws?id=262686 The Tribunal partly allowed the appeals, sustaining penalties under section 221(1) read with section 140A(3) to 5% of the admitted tax liability for each of the seven assessees. The penalties were reduced, aligning with previous decisions in similar cases, acknowledging eventual payment of tax and interest by the assessees. en-us Wed, 05 Aug 2015 00:00:00 +0530 Tue, 18 Aug 2015 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262686 The Tribunal partly allowed the appeals, sustaining penalties under section 221(1) read with section 140A(3) to 5% of the admitted tax liability for each of the seven assessees. The penalties were reduced, aligning with previous decisions in similar cases, acknowledging eventual payment of tax and interest by the assessees. Case-Laws Income Tax Wed, 05 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262686