https://www.taxtmi.com/caselaws?id=286557 The Tribunal upheld the levy of penalty under Section 221 but reduced the amount from Rs. 77,95,155/- to Rs. 20,55,573/-, finding the original penalty rate excessive. The appeal of the Revenue was partly allowed. The judgment emphasizes the unconditional responsibility to remit TDS on time and clarifies that financial difficulties do not constitute a valid reason for delay. en-us Thu, 27 Oct 2016 00:00:00 +0530 Thu, 05 Mar 2020 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286557 The Tribunal upheld the levy of penalty under Section 221 but reduced the amount from Rs. 77,95,155/- to Rs. 20,55,573/-, finding the original penalty rate excessive. The appeal of the Revenue was partly allowed. The judgment emphasizes the unconditional responsibility to remit TDS on time and clarifies that financial difficulties do not constitute a valid reason for delay. Case-Laws Income Tax Thu, 27 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286557