Penalty u/s. 221(1) leviable for non-payment of self-assessment tax

DCIT Vs Smt. Sama Yashodha (ITAT Hyderabad) ITAT Hyderabad held that penalty under section 221(1) of the Income Tax Act duly leviable for non-payment of self-assessment tax even if later it was concluded that there was no tax payable. Accordingly, appeal of revenue allowed. Facts- The present appeal has been preferred by the revenue mainly contesting that CIT(A) ought to have upheld the order of the Assessing Officer passed, levying the penalty of Rs.95,97,051/- u/221(1) of the Income Tax Act. Conclusion- Held that CIT(A) for deleting the penalty is that during the course of appellate procee...