https://www.taxtmi.com/caselaws?id=329179 The Tribunal upheld the CIT (Appeals) decision in favor of the assessee, dismissing the Revenue's appeals and Cross Objections. The case centered on penalties under section 271CA of the IT Act for non-collection of tax at source during the sale of iron scrap. The Tribunal emphasized the need for a reasonable cause for non-compliance before imposing penalties, considering the buyers' tax payments and absence of demand for non-collection. This reaffirmed the importance of compliance with tax provisions and fair treatment in penalty assessments related to tax collection at source. en-us Tue, 21 Jun 2016 00:00:00 +0530 Fri, 24 Jun 2016 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329179 The Tribunal upheld the CIT (Appeals) decision in favor of the assessee, dismissing the Revenue's appeals and Cross Objections. The case centered on penalties under section 271CA of the IT Act for non-collection of tax at source during the sale of iron scrap. The Tribunal emphasized the need for a reasonable cause for non-compliance before imposing penalties, considering the buyers' tax payments and absence of demand for non-collection. This reaffirmed the importance of compliance with tax provisions and fair treatment in penalty assessments related to tax collection at source. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329179