https://www.taxtmi.com/acts?id=50041 The substituted section 221(1) permits the Income-tax Officer to impose a penalty, in addition to arrears and interest, where an assessee defaults or is deemed in default in tax payment; further penalties for continuing default may be directed, provided the total penalty does not exceed the tax in arrears, and penalties may not be levied without a reasonable opportunity of being heard and may be waived where the default is for good and sufficient reasons. en-us Mon, 03 Mar 2025 16:55:20 +0530 Mon, 03 Mar 2025 16:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50041 The substituted section 221(1) permits the Income-tax Officer to impose a penalty, in addition to arrears and interest, where an assessee defaults or is deemed in default in tax payment; further penalties for continuing default may be directed, provided the total penalty does not exceed the tax in arrears, and penalties may not be levied without a reasonable opportunity of being heard and may be waived where the default is for good and sufficient reasons. Act-Rules F. Acts / Amendment Acts Mon, 03 Mar 2025 16:55:20 +0530 https://www.taxtmi.com/acts?id=50041