https://www.taxtmi.com/caselaws?id=416208 The Tribunal confirmed the levy of penalties under Section 221 of the Income Tax Act but reduced the rate from 5% to 1% per month. The financial hardship claimed by the assessee was not accepted as a valid reason for non-remittance of TDS due to lack of evidence and misuse of funds. The discretion of the Assessing Officer in imposing penalties was recognized but deemed improperly exercised. The appeals were partly allowed with adjustments made to the penalty rates. en-us Mon, 22 Nov 2021 00:00:00 +0530 Thu, 23 Dec 2021 12:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416208 The Tribunal confirmed the levy of penalties under Section 221 of the Income Tax Act but reduced the rate from 5% to 1% per month. The financial hardship claimed by the assessee was not accepted as a valid reason for non-remittance of TDS due to lack of evidence and misuse of funds. The discretion of the Assessing Officer in imposing penalties was recognized but deemed improperly exercised. The appeals were partly allowed with adjustments made to the penalty rates. Case-Laws Income Tax Mon, 22 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416208