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2014 (1) TMI 1357 - AT - Income TaxPenalty u/s 221 - Held that:- The assessee has not sufficient funds on the date of return of income - the Assessee is not a habitual defaulter and that the assessee had made the payment of taxes due under section 140A immediately after three months without any notice from the department, it can be held that there was a reasonable and sufficient reason in view of the second proviso to section 221 - The levy of penalty under section 221 is discretionary in view of the second proviso to section 221 - Decided in favour of assessee.
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