https://www.taxtmi.com/caselaws?id=71673 The Tribunal was divided on the issue of penalties for a registered firm when tax deducted at source exceeds the tax payable. The Judicial Member favored no penalty if TDS exceeded tax payable, citing Supreme Court precedent. However, the Accountant Member upheld the Bombay High Court's view that penalties should be calculated as if the firm were unregistered. The Third Member sided with the Accountant Member, emphasizing the binding nature of Bombay High Court decisions. Ultimately, penalties imposed by the ITO were confirmed. en-us Thu, 04 May 1995 00:00:00 +0530 Tue, 26 Apr 2011 14:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71673 The Tribunal was divided on the issue of penalties for a registered firm when tax deducted at source exceeds the tax payable. The Judicial Member favored no penalty if TDS exceeded tax payable, citing Supreme Court precedent. However, the Accountant Member upheld the Bombay High Court's view that penalties should be calculated as if the firm were unregistered. The Third Member sided with the Accountant Member, emphasizing the binding nature of Bombay High Court decisions. Ultimately, penalties imposed by the ITO were confirmed. Case-Laws Income Tax Thu, 04 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71673