https://www.taxtmi.com/caselaws?id=404094 The court remitted a case back to the Income Tax Appellate Tribunal for further consideration, emphasizing that financial incapacity may impact the imposition of penalties under Section 221 of the Income Tax Act for Assessment Year 2008-09. The court highlighted the need for a fresh decision to address specific grounds raised by the assessee regarding default in the assessment year and clarified the application of Section 292B to rectify clerical errors in assessment proceedings. The court emphasized that substantial errors, such as misattributing defaults to a different assessment year, cannot be protected under Section 292B, leading to the quashing of the Tribunal's order for a new determination. en-us Mon, 01 Feb 2021 00:00:00 +0530 Wed, 07 Apr 2021 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404094 The court remitted a case back to the Income Tax Appellate Tribunal for further consideration, emphasizing that financial incapacity may impact the imposition of penalties under Section 221 of the Income Tax Act for Assessment Year 2008-09. The court highlighted the need for a fresh decision to address specific grounds raised by the assessee regarding default in the assessment year and clarified the application of Section 292B to rectify clerical errors in assessment proceedings. The court emphasized that substantial errors, such as misattributing defaults to a different assessment year, cannot be protected under Section 292B, leading to the quashing of the Tribunal's order for a new determination. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404094