https://www.taxtmi.com/caselaws?id=170774 The High Court upheld the Tribunal's decision on the levy of penalty under Section 271C for failure to pay deducted tax. The Court clarified that the penalty can be imposed for both failure to deduct and failure to pay tax as per the Income Tax Act. However, the Court directed the Assessing Officer to reconsider the penalty amount exceeding Rs. 1.1 crore, emphasizing the need to assess reasonable causes for the delay in remittance and potentially reduce the penalty based on mitigating circumstances presented by the assessee. en-us Tue, 16 Jun 2009 00:00:00 +0530 Thu, 12 Oct 2023 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170774 The High Court upheld the Tribunal's decision on the levy of penalty under Section 271C for failure to pay deducted tax. The Court clarified that the penalty can be imposed for both failure to deduct and failure to pay tax as per the Income Tax Act. However, the Court directed the Assessing Officer to reconsider the penalty amount exceeding Rs. 1.1 crore, emphasizing the need to assess reasonable causes for the delay in remittance and potentially reduce the penalty based on mitigating circumstances presented by the assessee. Case-Laws Income Tax Tue, 16 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170774