https://www.taxtmi.com/caselaws?id=402051 The Tribunal overturned the penalty of Rs. 50 Lakhs imposed under section 271AAA for non-payment of taxes on surrendered income within the due date. The appellant had paid all taxes and interest before the due date, as evidenced by Form 26AS and income computation, contrary to the CIT(A)'s findings. Citing erroneous interpretations of tax payment timelines, the Tribunal found the penalty unjustified and ordered its deletion, ruling in favor of the appellant. en-us Thu, 03 Dec 2020 00:00:00 +0530 Wed, 23 Dec 2020 15:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402051 The Tribunal overturned the penalty of Rs. 50 Lakhs imposed under section 271AAA for non-payment of taxes on surrendered income within the due date. The appellant had paid all taxes and interest before the due date, as evidenced by Form 26AS and income computation, contrary to the CIT(A)'s findings. Citing erroneous interpretations of tax payment timelines, the Tribunal found the penalty unjustified and ordered its deletion, ruling in favor of the appellant. Case-Laws Income Tax Thu, 03 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402051