https://www.taxtmi.com/caselaws?id=103445 Penalty under section 271C was found unwarranted where the assessee's failure to deduct tax at source on warehousing charges stemmed from a genuine ambiguity in the first year of section 194-I's application to such charges. The later CBDT clarification removed that uncertainty, and the assessee's subsequent deposit of the tax into the Government treasury and filing of the return supported bona fide conduct and showed no substantive revenue loss. On that basis, deletion of the penalty was upheld in favour of the assessee. en-us Tue, 16 Oct 2001 00:00:00 +0530 Wed, 16 May 2012 19:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103445 Penalty under section 271C was found unwarranted where the assessee's failure to deduct tax at source on warehousing charges stemmed from a genuine ambiguity in the first year of section 194-I's application to such charges. The later CBDT clarification removed that uncertainty, and the assessee's subsequent deposit of the tax into the Government treasury and filing of the return supported bona fide conduct and showed no substantive revenue loss. On that basis, deletion of the penalty was upheld in favour of the assessee. Case-Laws Income Tax Tue, 16 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103445