https://www.taxtmi.com/caselaws?id=9540 The court partially upheld the Income-tax Appellate Tribunal's decision, allowing one appeal and dismissing another. It emphasized the importance of providing evidence to support claims of financial difficulties and ensuring penalty proceedings are conducted lawfully. The court clarified that an assessee must be given a reasonable opportunity to be heard before levying penalties under section 221 of the Income-tax Act, 1961. Additionally, it ruled that penalty levied shall be canceled if the tax amount is reduced due to a final order. The judgment highlighted the Chief Commissioner of Income-tax's authority to extend time for tax payment, supporting the extension granted in this case. en-us Tue, 08 Feb 2005 00:00:00 +0530 Tue, 23 Jun 2009 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9540 The court partially upheld the Income-tax Appellate Tribunal's decision, allowing one appeal and dismissing another. It emphasized the importance of providing evidence to support claims of financial difficulties and ensuring penalty proceedings are conducted lawfully. The court clarified that an assessee must be given a reasonable opportunity to be heard before levying penalties under section 221 of the Income-tax Act, 1961. Additionally, it ruled that penalty levied shall be canceled if the tax amount is reduced due to a final order. The judgment highlighted the Chief Commissioner of Income-tax's authority to extend time for tax payment, supporting the extension granted in this case. Case-Laws Income Tax Tue, 08 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9540