https://www.taxtmi.com/caselaws?id=326182 The Tribunal upheld the CIT(A)-6's decision to reduce the penalty imposed on the taxpayer under section 221 r.w.s. 140A(3) of the Income Tax Act for A.Y. 2011-12. The Tribunal considered the taxpayer's financial hardship, evidenced by bank account balances and the use of margin money to pay taxes, and found the AO's imposition of the maximum penalty excessive. Consequently, both Revenue's appeal and the taxpayer's cross objection were dismissed, affirming the reduced penalty amount determined by the CIT(A)-6. en-us Wed, 06 Jan 2016 00:00:00 +0530 Fri, 08 Apr 2016 12:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326182 The Tribunal upheld the CIT(A)-6's decision to reduce the penalty imposed on the taxpayer under section 221 r.w.s. 140A(3) of the Income Tax Act for A.Y. 2011-12. The Tribunal considered the taxpayer's financial hardship, evidenced by bank account balances and the use of margin money to pay taxes, and found the AO's imposition of the maximum penalty excessive. Consequently, both Revenue's appeal and the taxpayer's cross objection were dismissed, affirming the reduced penalty amount determined by the CIT(A)-6. Case-Laws Income Tax Wed, 06 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326182