https://www.taxtmi.com/caselaws?id=18541 Penalty under section 221(1) was held unsustainable where the assessee had received a demand notice under section 156 and filed a stay application before the payment period expired, because penalty could not be imposed merely on the footing that no formal stay order had yet been passed. The Tribunal accepted that, on those facts, the assessee could not be fastened with penalty for non-recovery at that stage, and the Punjab and Haryana High Court treated the deletion of penalty as not giving rise to any referable question of law. The reference application was therefore rejected. en-us Wed, 13 Mar 1996 00:00:00 +0530 Thu, 01 Oct 2009 15:28:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18541 Penalty under section 221(1) was held unsustainable where the assessee had received a demand notice under section 156 and filed a stay application before the payment period expired, because penalty could not be imposed merely on the footing that no formal stay order had yet been passed. The Tribunal accepted that, on those facts, the assessee could not be fastened with penalty for non-recovery at that stage, and the Punjab and Haryana High Court treated the deletion of penalty as not giving rise to any referable question of law. The reference application was therefore rejected. Case-Laws Income Tax Wed, 13 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18541