https://www.taxtmi.com/caselaws?id=216343 The Tribunal allowed the appeal, canceling the penalty of Rs. 50,000 imposed under section 272B of the Income Tax Act, 1961 for quoting invalid PAN in the e.TDS quarterly statement. It was found that there was reasonable cause for the failure as the incorrect PANs were due to deductees' errors, which were later rectified. Since there was no revenue loss, timely tax deposits, and compliance with statutory provisions, the Tribunal held that no penalty should be imposed. The Assessing Officer exceeded jurisdiction by imposing a higher penalty than allowed, leading to the cancellation of the penalty. en-us Fri, 22 Jun 2012 00:00:00 +0530 Tue, 28 Aug 2012 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216343 The Tribunal allowed the appeal, canceling the penalty of Rs. 50,000 imposed under section 272B of the Income Tax Act, 1961 for quoting invalid PAN in the e.TDS quarterly statement. It was found that there was reasonable cause for the failure as the incorrect PANs were due to deductees' errors, which were later rectified. Since there was no revenue loss, timely tax deposits, and compliance with statutory provisions, the Tribunal held that no penalty should be imposed. The Assessing Officer exceeded jurisdiction by imposing a higher penalty than allowed, leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216343