https://www.taxtmi.com/caselaws?id=328388 The Tribunal set aside the penalty imposed on the assessee under section 272A(2)(k) of the Income-tax Act for the assessment year 2008-09. Despite non-filing of the TDS return within the stipulated period, the Tribunal found a reasonable cause for the delay, considering the challenges faced by the branch in a semi-rural area. Relying on a similar case precedent, the Tribunal emphasized that penalty imposition should be based on the circumstances and absence of revenue loss. Consequently, the appeal was allowed, highlighting that the levy of penalty is not automatic and must consider specific facts and reasonable causes presented by the taxpayer. en-us Tue, 03 May 2016 00:00:00 +0530 Sun, 29 May 2016 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328388 The Tribunal set aside the penalty imposed on the assessee under section 272A(2)(k) of the Income-tax Act for the assessment year 2008-09. Despite non-filing of the TDS return within the stipulated period, the Tribunal found a reasonable cause for the delay, considering the challenges faced by the branch in a semi-rural area. Relying on a similar case precedent, the Tribunal emphasized that penalty imposition should be based on the circumstances and absence of revenue loss. Consequently, the appeal was allowed, highlighting that the levy of penalty is not automatic and must consider specific facts and reasonable causes presented by the taxpayer. Case-Laws Income Tax Tue, 03 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328388