https://www.taxtmi.com/caselaws?id=179449 The Tribunal upheld the penalty of Rs. 50,00,000 imposed under section 221(1) of the Income Tax Act for non-payment of tax due under section 140A, citing intentional actions without reasonable cause by the appellant. Additionally, the Tribunal affirmed the rejection of the application under section 154 for rectification of an alleged mistake in the assessment order processed under section 143(1), stating that the claimed error was not apparent from the record and required further investigation. The Tribunal dismissed both appeals, emphasizing the appellant's failure to pay tax despite having funds and the complex nature of the rectification issue. en-us Fri, 23 May 2014 00:00:00 +0530 Wed, 02 Mar 2016 09:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179449 The Tribunal upheld the penalty of Rs. 50,00,000 imposed under section 221(1) of the Income Tax Act for non-payment of tax due under section 140A, citing intentional actions without reasonable cause by the appellant. Additionally, the Tribunal affirmed the rejection of the application under section 154 for rectification of an alleged mistake in the assessment order processed under section 143(1), stating that the claimed error was not apparent from the record and required further investigation. The Tribunal dismissed both appeals, emphasizing the appellant's failure to pay tax despite having funds and the complex nature of the rectification issue. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179449