Tag: penalty 221(1)

Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT

Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT

February 25, 2017 Income Tax, ITAT, Judgments
Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT ABCAUS Case Law Citation: ABCAUS 1142 (2017) (02) ITAT The Grievance: The present appeal was filed by the assessee against the order of CIT(Appeals) sustaining the penalty …
Funds shortage due to project expansion was sufficient cause not to impose penalty u/s 221(1) for self assessment tax non payment before filing ITR

Funds shortage due to project expansion was sufficient cause not to impose penalty u/s 221(1) for self assessment tax non payment before filing ITR

April 24, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Chennai has held that paucity of funds due to project expansion was a sufficient case not to levy penalty u/s 221(1) for non payment of self assessment tax before filing return of income.  Case Law Details: ITA No. 611/Mds/2014  Assessment Year : 2010-11 M/s. …