2011 (11) TMI 699

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..... on for our consideration : Whether the Appellate Tribunal is right in law and on facts in restricting the penalty levied u/s140A(3) r.w.s. 221 to ₹ 15,20,737/? 2. Issue pertains to penalty under Section 221 of the Income Tax Act, 1961. Facts are not in dispute. Assessee had paid self assessment tax in time. Proceedings were therefore, carried on by the Assessing Officer for penalty under .....

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..... fered with such exercise of discretion by the Assessing Officer. Counsel further submitted that Tribunal has incorporated the order of Section 215, 216 and 217 of the Income Tax Act in quantifying the penalty to be levied under Section 221 of the Act. 4. It is true that under Section 221 of the Act, penalty amount that can be levied on assessee in case of default of payment of self assessed tax .....

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