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. …