https://www.taxtmi.com/caselaws?id=26520 The Tribunal was justified in canceling the penalty imposed under section 221 for non-payment of advance tax, as the CBDT Circular indicated no penalty should be levied if tax was paid before the penalty hearing. The court ruled in favor of the assessee, citing the binding nature of CBDT Circulars on tax officers. The judgment was unanimous, and a copy was to be sent to the Income-tax Appellate Tribunal under section 260 of the Income-tax Act, 1961. en-us Mon, 21 Apr 1986 00:00:00 +0530 Fri, 05 Feb 2010 15:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26520 The Tribunal was justified in canceling the penalty imposed under section 221 for non-payment of advance tax, as the CBDT Circular indicated no penalty should be levied if tax was paid before the penalty hearing. The court ruled in favor of the assessee, citing the binding nature of CBDT Circulars on tax officers. The judgment was unanimous, and a copy was to be sent to the Income-tax Appellate Tribunal under section 260 of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 21 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26520