https://www.taxtmi.com/caselaws?id=249553 The ITAT allowed the appeals filed by the cooperative bank, leading to the deletion of the penalty under section 271(1)(c) for non-deduction of TDS on MICR charges. The ITAT found that the bank had a bona fide belief that TDS was not required on these charges, as evidenced by past practices and the absence of penal action by the AO in previous years. The decision in a similar case involving Canara Bank and the precedent set in the Central Bank of India case supported the deletion of the penalty. en-us Fri, 30 May 2014 00:00:00 +0530 Thu, 17 Jul 2014 08:28:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249553 The ITAT allowed the appeals filed by the cooperative bank, leading to the deletion of the penalty under section 271(1)(c) for non-deduction of TDS on MICR charges. The ITAT found that the bank had a bona fide belief that TDS was not required on these charges, as evidenced by past practices and the absence of penal action by the AO in previous years. The decision in a similar case involving Canara Bank and the precedent set in the Central Bank of India case supported the deletion of the penalty. Case-Laws Income Tax Fri, 30 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249553