https://www.taxtmi.com/caselaws?id=179531 The ITAT allowed the appeal, setting aside the CIT(A) order that upheld a penalty under section 221(1) of the Income Tax Act, 1961. The appellant company's delay in paying Self Assessment Tax was due to a liquidity crisis, with funds directed towards settling bank liabilities. Despite finding the appellant had funds available, the ITAT considered the circumstances and legislative discretion, directing the deletion of the penalty amounting to 7,99,160. This case underscores the need to demonstrate genuine reasons for tax payment delays and the authorities' discretion in penalty imposition. en-us Wed, 07 Aug 2013 00:00:00 +0530 Thu, 03 Mar 2016 17:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179531 The ITAT allowed the appeal, setting aside the CIT(A) order that upheld a penalty under section 221(1) of the Income Tax Act, 1961. The appellant company's delay in paying Self Assessment Tax was due to a liquidity crisis, with funds directed towards settling bank liabilities. Despite finding the appellant had funds available, the ITAT considered the circumstances and legislative discretion, directing the deletion of the penalty amounting to 7,99,160. This case underscores the need to demonstrate genuine reasons for tax payment delays and the authorities' discretion in penalty imposition. Case-Laws Income Tax Wed, 07 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179531