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Levy of Penalty u/s 221 by A.O. is discretionary and can be waived off if Good and sufficient reasons exists
Case Law Details
- Case Name
- Shri Chandak Krishnagopal Motilal Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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Brief about the case
The Assessee filed his return on 30.03.2008 declaring total income of Rs.62799405/-comprising of Short Term Capital Gains of Rs.4,73,30,889/- and Long Term Capital Gains of Rs. 1,53,11,448/- along with salary income. The tax payable on the returned income was Rs.5317680/-. However, the assesee only paid Rs.1100887/- and the balance of Rs.4216773/- remained unpaid. The AO after processing the return raised a demand of Rs.6207590/- along-with interest. The case was further selected for scrutiny and the assessment was completed u/s 143(3) on 4/12/2008 by treating the share tr...
