https://www.taxtmi.com/caselaws?id=359160 The Tribunal overturned the CIT(A)'s decision to uphold a penalty of Rs. 7,88,986 under section 221(1) of the Income Tax Act, 1961, for non-payment of self-assessment tax due to financial difficulties caused by a global recession in the gems and jewellery industry. The appellant's evidence of negative fund flow and bank balance during the relevant period supported the claim of severe financial hardships, leading to the deletion of the penalty by the Tribunal. en-us Tue, 27 Mar 2018 00:00:00 +0530 Wed, 25 Apr 2018 06:17:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359160 The Tribunal overturned the CIT(A)'s decision to uphold a penalty of Rs. 7,88,986 under section 221(1) of the Income Tax Act, 1961, for non-payment of self-assessment tax due to financial difficulties caused by a global recession in the gems and jewellery industry. The appellant's evidence of negative fund flow and bank balance during the relevant period supported the claim of severe financial hardships, leading to the deletion of the penalty by the Tribunal. Case-Laws Income Tax Tue, 27 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359160