https://www.taxtmi.com/caselaws?id=326930 The tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty under section 271C. The assessee's reasonable causes for failure to deduct tax at source, including confusion due to new provisions and subsequent events validating their policy, were deemed valid. The tribunal found no justification for the penalty as the commissions were returned due to non-materialization of sales, resulting in a loss for the assessee. The CIT(A)'s decision to delete the penalty was upheld, emphasizing the lack of grounds for imposing the penalty. en-us Fri, 18 Mar 2016 00:00:00 +0530 Thu, 28 Apr 2016 10:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326930 The tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty under section 271C. The assessee's reasonable causes for failure to deduct tax at source, including confusion due to new provisions and subsequent events validating their policy, were deemed valid. The tribunal found no justification for the penalty as the commissions were returned due to non-materialization of sales, resulting in a loss for the assessee. The CIT(A)'s decision to delete the penalty was upheld, emphasizing the lack of grounds for imposing the penalty. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326930