TMI BlogLevy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the...Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm for which there is no legal sanction when the department itself has paid interest at 6% pa to the assessee on the refund due to the assessee. Being so, in our opinion, it is reasonable and fair to levy penalty at 1% pm i.e. 12% pa instead of 5% pm levied by AO. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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