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Penalty Waived for Late Self-Assessment Tax Due to Bona Fide Reasons u/s 221(1) of Income Tax Act.

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....Levy of penalty u/s 221(1) - Assessee did not pay self-assessment tax but filed return of income on due date - Penalty under section 221(1) is not automatic and mandatory. - Since it has bonafide reasons, penalty waived - AT....