https://www.taxtmi.com/caselaws?id=58788 The Appellate Tribunal upheld the cancellation of penalties under s. 221(1) of the IT Act for the assessment years 1970-71, 1973-74 to 1979-80. The Tribunal found that the assessee was entitled to benefit from a Board's circular in force during the relevant assessment years, which justified the cancellation of penalties imposed by the Income Tax Officer. Additionally, the Tribunal determined that the penalties were unjustified as the assessee had not defaulted in tax payments according to s. 221(1). The Revenue's appeals were dismissed, and the AAC's decision to cancel the penalties was upheld. en-us Tue, 01 Mar 1988 00:00:00 +0530 Wed, 22 Dec 2010 11:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58788 The Appellate Tribunal upheld the cancellation of penalties under s. 221(1) of the IT Act for the assessment years 1970-71, 1973-74 to 1979-80. The Tribunal found that the assessee was entitled to benefit from a Board's circular in force during the relevant assessment years, which justified the cancellation of penalties imposed by the Income Tax Officer. Additionally, the Tribunal determined that the penalties were unjustified as the assessee had not defaulted in tax payments according to s. 221(1). The Revenue's appeals were dismissed, and the AAC's decision to cancel the penalties was upheld. Case-Laws Income Tax Tue, 01 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58788