https://www.taxtmi.com/caselaws?id=62737 The ITAT dismissed the Revenue's appeal and upheld the cancellation of the penalty imposed under section 271C of the IT Act. The penalty was canceled based on the reasonable cause for the failure to deduct tax at source on discounts and rebates, as the assessee acted in good faith following expert advice and industry practices. The ITAT found that the penalty imposition was not justified, emphasizing the lack of clarity in the penalty order regarding the specific amounts subject to tax deduction. en-us Wed, 16 Feb 2005 00:00:00 +0530 Fri, 27 Jul 2012 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62737 The ITAT dismissed the Revenue's appeal and upheld the cancellation of the penalty imposed under section 271C of the IT Act. The penalty was canceled based on the reasonable cause for the failure to deduct tax at source on discounts and rebates, as the assessee acted in good faith following expert advice and industry practices. The ITAT found that the penalty imposition was not justified, emphasizing the lack of clarity in the penalty order regarding the specific amounts subject to tax deduction. Case-Laws Income Tax Wed, 16 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62737