Penalty u/s 221 - non payment of admitted tax - financial ...

Taxpayer Avoids Penalty Due to Financial Hardship; No Willful Default u/s 221(1) of Income Tax Act.

August 8, 2019

Case Laws Income Tax AT

Penalty u/s 221 - non payment of admitted tax - financial stringency is considered to be good and sufficient cause for sufficiency of reason for not levying penalty u/s 221(1) - when AO has not controvert the assessee’s reasons regarding paucity of funds then assessee could not be considered as willful defaulter - no penalty

View Source

← Previous Next →

Penalty u/s 221 - non payment of admitted tax - financial ...

Taxpayer Avoids Penalty Due to Financial Hardship; No Willful Default u/s 221(1) of Income Tax Act.

August 8, 2019

Case Laws Income Tax AT

You may also like:

Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on due date - Provisions of Section 140A (3) can apply only when there is a self-assessment tax payable...

Penalty u/s 221(1) - default in paying Self Assessment tax u/s 140A - was passing through severe financial hardships during the above period which is a sufficient and...

Levy of penalty u/s 221(1) - Assessee did not pay self-assessment tax but filed return of income on due date - Penalty under section 221(1) is not automatic and...

The GoI notification precludes tax deductions for expenditures related to settling proceedings involving contraventions under specified financial regulatory statutes,...

Penalty imposed u/s 221(1) r.w.s. 140A(3) - non-payment of self-assessment tax - Return of Income as filed u/s 139(1) itself was declared an invalid Return - scope of...

Penalty imposed u/s. 221 r.w.s. 140A(3) - no self assessment tax was paid - the assessee shall not cease to be liable to any penalty under sub-section (1) of section 221...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Proceeding of Criminal Case u/s 276CC of the Income Tax Act - Proof of willful default in filing the return - As the applicant has filed the income tax return in time as...

Penalty u/s.140A(3) r.w.s. 221 - assessee failed to pay self-assessment tax - levy of penalty by the u/s.221(1) is discretionary and not automatic. - for levy of...

Penalty u/s 221(1) - outstanding demand on account of self assessment tax -the penalty imposed at 10% of the outstanding demand for both the assessment years u/s 221(1)...

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...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to...

Penalty levied u/s 221(1) - delay in payment of self assessment tax u/s 140A - assessee had filed its return of income on 30.09.2010 without payment of taxes - due date...

The provisions of s. 221 providing for penalty payable when tax is in default applies to both the situations, i.e., when assessee is in default in respect of the...

Quick Updates: