https://www.taxtmi.com/caselaws?id=206584 The court ruled in favor of the State Bank of India, quashing the penalty imposed under section 271C of the Income-tax Act. The judgment emphasized timely decision-making by income-tax authorities and upheld the bank's contention that interest paid to government entities was exempt from taxation. The court directed the Commissioner TDS to review the rectification applications on their merits, highlighting the importance of ensuring the rights of the assessee are not compromised by procedural delays. en-us Thu, 07 Apr 2011 00:00:00 +0530 Wed, 19 Dec 2012 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206584 The court ruled in favor of the State Bank of India, quashing the penalty imposed under section 271C of the Income-tax Act. The judgment emphasized timely decision-making by income-tax authorities and upheld the bank's contention that interest paid to government entities was exempt from taxation. The court directed the Commissioner TDS to review the rectification applications on their merits, highlighting the importance of ensuring the rights of the assessee are not compromised by procedural delays. Case-Laws Income Tax Thu, 07 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206584