https://www.taxtmi.com/caselaws?id=62624 The Tribunal upheld the penalty under section 271C, dismissing the appeals filed by the assessee. It concluded that the payments made to Pradeep Oil Corporation were indeed rent, subject to TDS under section 194-I at 20%, and not under section 194C. The Tribunal emphasized that the assessee's actions were not based on a bona fide belief or reasonable cause, and the penalty was justified. en-us Wed, 24 Mar 2004 00:00:00 +0530 Thu, 20 Jan 2011 18:01:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62624 The Tribunal upheld the penalty under section 271C, dismissing the appeals filed by the assessee. It concluded that the payments made to Pradeep Oil Corporation were indeed rent, subject to TDS under section 194-I at 20%, and not under section 194C. The Tribunal emphasized that the assessee's actions were not based on a bona fide belief or reasonable cause, and the penalty was justified. Case-Laws Income Tax Wed, 24 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62624