https://www.taxtmi.com/caselaws?id=265106 The Appellate Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal in a case concerning the levy of penalty under section 221(1) of the Income Tax Act. The Tribunal found that the assessee had valid reasons for the delay in tax payment, considering the financial difficulties faced by the company. Emphasizing the discretionary nature of imposing penalties, the Tribunal deleted the penalty partly confirmed by the CIT(A), highlighting the importance of assessing the circumstances of the assessee in cases of delayed tax payments. en-us Wed, 03 Sep 2014 00:00:00 +0530 Wed, 07 Oct 2015 07:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265106 The Appellate Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal in a case concerning the levy of penalty under section 221(1) of the Income Tax Act. The Tribunal found that the assessee had valid reasons for the delay in tax payment, considering the financial difficulties faced by the company. Emphasizing the discretionary nature of imposing penalties, the Tribunal deleted the penalty partly confirmed by the CIT(A), highlighting the importance of assessing the circumstances of the assessee in cases of delayed tax payments. Case-Laws Income Tax Wed, 03 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265106