Financial Stringency is reasonable cause for Not levying section 221(1) Penalty

DCIT Vs Tulip Star Hotels Ltd. (ITAT Delhi) The issue under consideration is whether CIT(A) is correct in deleting the penalty levied u/s 221(1) by the AO on the ground that assessee has paid the self assessment  after the date of filling of return of income? In the present case, the assessee could not pay the self assessment tax liability at the time of return of income, however the same has been paid subsequently on installment over a period of time. Assessee had given very elaborate reasons before the authorities below that due to huge financial crunch and hardships, assessee did not had a...