https://www.taxtmi.com/caselaws?id=56319 The Tribunal partially allowed the appeal, directing the ITO to recalculate the penalty solely based on the tax remaining payable, excluding interest amounts. Despite confirming the penalty levy, the Tribunal emphasized the distinction between 'tax' and 'interest' for penalty calculation under section 221 of the Act, modifying the Commissioner(A)'s order and instructing a reassessment of the penalty amount exclusively on the tax outstanding. en-us Wed, 07 Oct 1987 00:00:00 +0530 Fri, 03 Dec 2010 10:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56319 The Tribunal partially allowed the appeal, directing the ITO to recalculate the penalty solely based on the tax remaining payable, excluding interest amounts. Despite confirming the penalty levy, the Tribunal emphasized the distinction between 'tax' and 'interest' for penalty calculation under section 221 of the Act, modifying the Commissioner(A)'s order and instructing a reassessment of the penalty amount exclusively on the tax outstanding. Case-Laws Income Tax Wed, 07 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56319