https://www.taxtmi.com/caselaws?id=36698 The High Court determined that the penalty of Rs. 25,000 imposed under section 221 of the Income Tax Act, 1961 for default in tax payment by an assessee-company for the assessment year 1956-57 was not valid under section 297(2)(f) due to the assessment being completed under the old Act. The Court held that the penalty could be imposed under section 297(2)(j) of the new Act, provided a notice of demand under section 156 was served and the default was not for a good and sufficient reason. The Tribunal was directed to examine the factual findings on the notice of demand and justification for the penalty without costs. en-us Wed, 01 Mar 1978 00:00:00 +0530 Wed, 24 Mar 2010 10:48:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36698 The High Court determined that the penalty of Rs. 25,000 imposed under section 221 of the Income Tax Act, 1961 for default in tax payment by an assessee-company for the assessment year 1956-57 was not valid under section 297(2)(f) due to the assessment being completed under the old Act. The Court held that the penalty could be imposed under section 297(2)(j) of the new Act, provided a notice of demand under section 156 was served and the default was not for a good and sufficient reason. The Tribunal was directed to examine the factual findings on the notice of demand and justification for the penalty without costs. Case-Laws Income Tax Wed, 01 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36698