https://www.taxtmi.com/caselaws?id=178505 The High Court upheld the Tribunal's decision to cancel the penalty imposed under section 271C of the Income-tax Act, 1961. The assessee's explanation for failure to deduct tax at source was accepted as bona fide, citing lack of advice from the chartered accountant. The Court found the assessee cooperative and reasoned that the incorrect advice constituted a reasonable cause for the lapse. Consequently, the appeal under section 260A was dismissed, affirming the cancellation of the penalty. en-us Tue, 25 Sep 2007 00:00:00 +0530 Sat, 06 Feb 2016 18:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178505 The High Court upheld the Tribunal's decision to cancel the penalty imposed under section 271C of the Income-tax Act, 1961. The assessee's explanation for failure to deduct tax at source was accepted as bona fide, citing lack of advice from the chartered accountant. The Court found the assessee cooperative and reasoned that the incorrect advice constituted a reasonable cause for the lapse. Consequently, the appeal under section 260A was dismissed, affirming the cancellation of the penalty. Case-Laws Income Tax Tue, 25 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178505