Penalty Valid For Non-Payment Of Admitted Tax Liability: ITAT

The article reports that the ITAT upheld the levy of penalty under the Income Tax Act for non-payment of an admitted tax liability. It explains the legal basis: even if tax liability is admitted, if the assessee fails to pay within prescribed time, the penal provisions apply, and the tribunal declined relief. The piece provides guidance for taxpayers: treat admitted liability seriously, avoid delays in tax payments, as mere admission of liability does not prevent penalty for default.