Tag: penalty u/s 221(1)

When quantum appeal stands restored to the AO, penalty can not be levied u/s 221(1) of the Income Tax Act for non -payment of the demand. In a recent judgment, Allahabad ITAT has held that when the quantum appeal stands restored to the file of the AO and …

Assessee liable to penalty u/s 221(1) for non payment of self assessment tax under section 140A, where return is revised and tax is paid at the time of filing the revised return of income – ITAT Special Bench Penalty for non payment of self assessment tax where return …

Penalty u/s 221(1)-Interest component has to be excluded while levying Penalty. The term “tax in arrears” does not include interest component-Bombay HC ABCAUS Case Law Citation: ABCAUS 1288 (2017) (07) HC The Question framed by the Appellant Revenue: (1) Whether on facts and in the circumstances of the case and in   law,   the   ITAT   …

Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …