https://www.taxtmi.com/caselaws?id=267821 The Tribunal upheld the deletion of the penalty under section 271C of the Income-tax Act 1961 in a case where the Revenue appealed against the penalty imposed for failure to deduct tax at source on interest payment. The Tribunal determined that the payee institution was exempt under section 10(23C)(iiiab) and therefore not subject to tax deduction at source. Relying on relevant provisions and notifications, the Tribunal dismissed the Revenue's appeal, affirming the Commissioner of Income-tax (Appeals)'s decision to delete the penalty. en-us Tue, 01 Sep 2015 00:00:00 +0530 Mon, 16 Nov 2015 01:23:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267821 The Tribunal upheld the deletion of the penalty under section 271C of the Income-tax Act 1961 in a case where the Revenue appealed against the penalty imposed for failure to deduct tax at source on interest payment. The Tribunal determined that the payee institution was exempt under section 10(23C)(iiiab) and therefore not subject to tax deduction at source. Relying on relevant provisions and notifications, the Tribunal dismissed the Revenue's appeal, affirming the Commissioner of Income-tax (Appeals)'s decision to delete the penalty. Case-Laws Income Tax Tue, 01 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267821