https://www.taxtmi.com/highlights?id=29427 Levy of penalty u/s. 221(1) - Reading of Sec. 221 shows that the Explanation wherein as “may” not “shall” which is subjective of the fact that imposition of penalty is neither automatic nor mandatory. The discretion is left with the A.O to decide whether to impose penalty or not, by considering the explanation of the assessee. - AT en-us Wed, 25 May 2016 08:26:09 +0530 Wed, 25 May 2016 08:26:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=29427 Levy of penalty u/s. 221(1) - Reading of Sec. 221 shows that the Explanation wherein as “may” not “shall” which is subjective of the fact that imposition of penalty is neither automatic nor mandatory. The discretion is left with the A.O to decide whether to impose penalty or not, by considering the explanation of the assessee. - AT Highlights Income Tax Wed, 25 May 2016 08:26:09 +0530 https://www.taxtmi.com/highlights?id=29427