2011 (11) TMI 699

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....l against the judgement of the Tribunal dated 22.2.2010 raising following question for our consideration : "Whether the Appellate Tribunal is right in law and on facts in restricting the penalty levied u/s140A(3) r.w.s. 221 to Rs. 15,20,737/? 2. Issue pertains to penalty under Section 221 of the Income Tax Act, 1961. Facts are not in dispute. Assessee had paid self assessment tax in time. Proce....

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.... tax due. He submitted that Tribunal without valid reasons interfered with such exercise of discretion by the Assessing Officer. Counsel further submitted that Tribunal has incorporated the order of Section 215, 216 and 217 of the Income Tax Act in quantifying the penalty to be levied under Section 221 of the Act. 4. It is true that under Section 221 of the Act, penalty amount that can be levie....