https://www.taxtmi.com/caselaws?id=266470 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete penalties imposed under section 271C. The penalties were deemed unjustified as the bank genuinely believed tax deduction was not required due to the society's exemption under section 194A. The Tribunal confirmed that the society, being wholly financed by the government, fell under the exemption provided in section 194A, absolving the bank from tax deduction obligations. The case emphasized the significance of genuine belief and compliance with applicable legal provisions in tax matters. en-us Tue, 20 May 2014 00:00:00 +0530 Tue, 20 Oct 2015 15:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266470 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete penalties imposed under section 271C. The penalties were deemed unjustified as the bank genuinely believed tax deduction was not required due to the society's exemption under section 194A. The Tribunal confirmed that the society, being wholly financed by the government, fell under the exemption provided in section 194A, absolving the bank from tax deduction obligations. The case emphasized the significance of genuine belief and compliance with applicable legal provisions in tax matters. Case-Laws Income Tax Tue, 20 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266470