https://www.taxtmi.com/caselaws?id=20299 The High Court of Bombay ruled in favor of the assessee, canceling penalties imposed under section 221 for non-payment of penalties under section 271(1)(c) for assessment years 1963-64, 1964-65, and 1968-69. The Court held that penalties were unjustified as the assessee was not in default in paying income tax chargeable under the Income-tax Act, 1961. Referencing a Calcutta High Court case, the judgment emphasized the distinction between "tax" and "interest," concluding that penalties under section 221 were not warranted. The Court awarded no costs in this matter. en-us Fri, 09 Oct 1992 00:00:00 +0530 Fri, 13 Nov 2009 11:24:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20299 The High Court of Bombay ruled in favor of the assessee, canceling penalties imposed under section 221 for non-payment of penalties under section 271(1)(c) for assessment years 1963-64, 1964-65, and 1968-69. The Court held that penalties were unjustified as the assessee was not in default in paying income tax chargeable under the Income-tax Act, 1961. Referencing a Calcutta High Court case, the judgment emphasized the distinction between "tax" and "interest," concluding that penalties under section 221 were not warranted. The Court awarded no costs in this matter. Case-Laws Income Tax Fri, 09 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20299