https://www.taxtmi.com/caselaws?id=39359 The High Court of Orissa ruled that the penalty imposed on the assessee firm for default in advance tax payment should have been cancelled based on the final assessment outcome, as mandated by Section 221(2) of the Income-tax Act. The judgment clarified the application of the provision in cases where the completed assessment results in no tax liability, emphasizing the cancellation of penalties in such scenarios. en-us Mon, 01 Dec 1975 00:00:00 +0530 Fri, 16 Apr 2010 10:09:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39359 The High Court of Orissa ruled that the penalty imposed on the assessee firm for default in advance tax payment should have been cancelled based on the final assessment outcome, as mandated by Section 221(2) of the Income-tax Act. The judgment clarified the application of the provision in cases where the completed assessment results in no tax liability, emphasizing the cancellation of penalties in such scenarios. Case-Laws Income Tax Mon, 01 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39359