https://www.taxtmi.com/caselaws?id=270846 The Appellate Tribunal allowed the appeals of the assessee, holding that the penalty under section 201(1) & (1A) of the Income Tax Act on stake money from horse racings was erroneous. The Tribunal found that the assessee was not in default for not deducting tax at source on stake money paid in horse races, as the amended provision of Section 194B did not apply to horse racing income. The decision was based on the interpretation of relevant legal provisions and judgments, ultimately reversing the order of the Commissioner of Income Tax (Appeals). en-us Wed, 28 Oct 2015 00:00:00 +0530 Wed, 17 Feb 2016 19:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270846 The Appellate Tribunal allowed the appeals of the assessee, holding that the penalty under section 201(1) & (1A) of the Income Tax Act on stake money from horse racings was erroneous. The Tribunal found that the assessee was not in default for not deducting tax at source on stake money paid in horse races, as the amended provision of Section 194B did not apply to horse racing income. The decision was based on the interpretation of relevant legal provisions and judgments, ultimately reversing the order of the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270846