https://www.taxtmi.com/highlights?id=58865 Penalty levied u/s 221(1) - non-payment of tax - In the instant cases, as on today, the assessment orders have been quashed by the Tribunal, vide its order dated 03-02-2021 (referred above) in the hands of both the assessee by holding that reopening of assessment is invalid. Hence, as on today, the demand has become Nil. Accordingly, as per the provisions of sub. Sec. (2) of sec. 221, the penalty levied u/s 221(1) is liable to be cancelled, if the orders passed by the Tribunal becomes final order - AT en-us Wed, 21 Jul 2021 10:08:33 +0530 Wed, 21 Jul 2021 10:08:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58865 Penalty levied u/s 221(1) - non-payment of tax - In the instant cases, as on today, the assessment orders have been quashed by the Tribunal, vide its order dated 03-02-2021 (referred above) in the hands of both the assessee by holding that reopening of assessment is invalid. Hence, as on today, the demand has become Nil. Accordingly, as per the provisions of sub. Sec. (2) of sec. 221, the penalty levied u/s 221(1) is liable to be cancelled, if the orders passed by the Tribunal becomes final order - AT Highlights Income Tax Wed, 21 Jul 2021 10:08:33 +0530 https://www.taxtmi.com/highlights?id=58865