Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT adjudicated a tax collection at source (TCS) penalty case involving coal and lignite sales. The tribunal found reasonable cause under Section 273B for delayed TCS compliance, noting the taxpayer had ultimately deposited Rs. 87,750/- in the same financial year and the delay resulted from personnel illness. Despite initial non-compliance, the taxpayer submitted challans evidencing payment. The tribunal set aside the CIT(A) order, directing the Assessing Officer to delete the penalty levy, thereby accepting the taxpayer's contention of reasonable cause and procedural irregularity. The penalty under Section 271CA was consequently quashed.
ITAT adjudicated a tax collection at source (TCS) penalty case involving coal and lignite sales. The tribunal found reasonable cause under Section 273B for delayed TCS compliance, noting the taxpayer had ultimately deposited Rs. 87,750/- in the same financial year and the delay resulted from personnel illness. Despite initial non-compliance, the taxpayer submitted challans evidencing payment. The tribunal set aside the CIT(A) order, directing the Assessing Officer to delete the penalty levy, thereby accepting the taxpayer's contention of reasonable cause and procedural irregularity. The penalty under Section 271CA was consequently quashed.
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