1981 (11) TMI 81 - AT - Income Tax

Summary

The appeal was filed against a penalty of Rs. 1,000 imposed by the ITO under section 221 of the IT Act for non-payment of the September advance tax installment. The AAC confirmed the penalty, but the ITAT reduced it to Rs. 100, considering the assessee's explanations and refunds received. The appeal was partly allowed. (Case: Hindustan Steel Ltd. vs. State of Orissa (1972) 83 ITR 26 (SC))