https://www.taxtmi.com/caselaws?id=182189 The Tribunal upheld the cancellation of a penalty amounting to Rs. 7,42,707/- under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2006-07. The Revenue's appeal against the cancellation was dismissed as the Tribunal found the assessee's explanation for non-deduction of TDS to be bonafide, supported by audit reports. The Tribunal emphasized that the imposition of penalty under section 271(1)(c) is not automatic and concluded that the cancellation of the penalty by the Commissioner of Income Tax (Appeals) was legally and factually correct. en-us Fri, 22 Jan 2010 00:00:00 +0530 Wed, 04 May 2016 15:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182189 The Tribunal upheld the cancellation of a penalty amounting to Rs. 7,42,707/- under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2006-07. The Revenue's appeal against the cancellation was dismissed as the Tribunal found the assessee's explanation for non-deduction of TDS to be bonafide, supported by audit reports. The Tribunal emphasized that the imposition of penalty under section 271(1)(c) is not automatic and concluded that the cancellation of the penalty by the Commissioner of Income Tax (Appeals) was legally and factually correct. Case-Laws Income Tax Fri, 22 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182189