https://www.taxtmi.com/caselaws?id=119565 The Tribunal upheld the decision of the CIT (Appeals) in favor of the respondent, finding a reasonable cause for the failure to deduct tax at the appropriate rate under a hire agreement. The Tribunal considered the respondent's bona fide belief regarding the nature of the equipment hired and specific provisions in the agreement. Emphasizing the proposed but unimplemented amendment to the definition of 'rent,' the Tribunal dismissed the Revenue's appeals and canceled the penalty imposed by the Assessing Officer. en-us Fri, 09 Mar 2007 00:00:00 +0530 Wed, 01 Aug 2012 00:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119565 The Tribunal upheld the decision of the CIT (Appeals) in favor of the respondent, finding a reasonable cause for the failure to deduct tax at the appropriate rate under a hire agreement. The Tribunal considered the respondent's bona fide belief regarding the nature of the equipment hired and specific provisions in the agreement. Emphasizing the proposed but unimplemented amendment to the definition of 'rent,' the Tribunal dismissed the Revenue's appeals and canceled the penalty imposed by the Assessing Officer. Case-Laws Income Tax Fri, 09 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119565