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ITAT dismissed the appeal regarding tax deduction at source for Leave Travel Concession (LTC) payments to employees. The tribunal found no reasonable cause under section 273B for failing to deduct tax on foreign travel reimbursements. Despite being a leading corporate entity with substantial intellectual resources, the assessee could not substantiate its claim of bonafide belief about tax non-deductibility. The tribunal rejected the assessee's explanation of lack of knowledge as insufficient, confirming the original demand by the Assessing Officer for non-compliance with tax deduction requirements. The appeal was consequently dismissed, upholding the CIT(A)'s appellate order.
ITAT dismissed the appeal regarding tax deduction at source for Leave Travel Concession (LTC) payments to employees. The tribunal found no reasonable cause under section 273B for failing to deduct tax on foreign travel reimbursements. Despite being a leading corporate entity with substantial intellectual resources, the assessee could not substantiate its claim of bonafide belief about tax non-deductibility. The tribunal rejected the assessee's explanation of lack of knowledge as insufficient, confirming the original demand by the Assessing Officer for non-compliance with tax deduction requirements. The appeal was consequently dismissed, upholding the CIT(A)'s appellate order.
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