https://www.taxtmi.com/caselaws?id=151689 The Tribunal concluded that the penalty under section 272B of the Income-tax Act was not applicable to the bank for customers' non-compliance with section 139A and related rules. It determined that the bank's duty was solely to ensure that a PAN or Form No. 60 was obtained and forwarded to the tax authority. Consequently, the Tribunal canceled the imposed penalty of Rs. 79,30,000. Additionally, it instructed the Assessing Officer to verify and reduce any double penalty resulting from the Commissioner's enhancement for 209 cases, if confirmed. The appeal was allowed in favor of the assessee. en-us Fri, 26 Oct 2007 00:00:00 +0530 Tue, 09 Jan 2024 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151689 The Tribunal concluded that the penalty under section 272B of the Income-tax Act was not applicable to the bank for customers' non-compliance with section 139A and related rules. It determined that the bank's duty was solely to ensure that a PAN or Form No. 60 was obtained and forwarded to the tax authority. Consequently, the Tribunal canceled the imposed penalty of Rs. 79,30,000. Additionally, it instructed the Assessing Officer to verify and reduce any double penalty resulting from the Commissioner's enhancement for 209 cases, if confirmed. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 26 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151689