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2011 (3) TMI 859 - AT - Income TaxPenalty u/s 221(1) - Assessee in default - Survey - There is no dispute about the fact that the assessee has not paid any advance tax nor had filed the return for the A.Y. 2007-08 till the date of survey, though the same was due on 30.11.2007 - Though the assessee was showing good sales, there was a serious crunch in the liquidity as the payments were not coming - assessee has paid tax to the extent of income declared in revised return - It is argued that sufficient safeguards are provided in the Act to compensate the revenue by way of the payment of the interest, in case, the assessee fails to make the payment on the due dates - Held that: A.O. is, directed the re-compute the penalty payable u/s.221(1), as self assessment tax under sec. 140A is to be worked out on the income declared in the revised returns if said returns have been acted upon by the A.O - Decided in the favour of assessee by way of remand
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