https://www.taxtmi.com/highlights?id=61081 Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm for which there is no legal sanction when the department itself has paid interest at 6% pa to the assessee on the refund due to the assessee. Being so, in our opinion, it is reasonable and fair to levy penalty at 1% pm i.e. 12% pa instead of 5% pm levied by AO. - AT en-us Thu, 23 Dec 2021 12:10:34 +0530 Thu, 23 Dec 2021 12:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61081 Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm for which there is no legal sanction when the department itself has paid interest at 6% pa to the assessee on the refund due to the assessee. Being so, in our opinion, it is reasonable and fair to levy penalty at 1% pm i.e. 12% pa instead of 5% pm levied by AO. - AT Highlights Income Tax Thu, 23 Dec 2021 12:10:34 +0530 https://www.taxtmi.com/highlights?id=61081