https://www.taxtmi.com/caselaws?id=185917 The Tribunal upheld the cancellation of a penalty of Rs. 7,70,000 imposed under section 272B of the Income-tax Act, 1961 for incorrect PAN quoting by the assessee. The penalty was annulled due to the assessee's timely rectification of the PAN errors, compliance with section 139A, and the reasonable cause for the PAN quoting failure attributed to the deductees. Judicial precedents emphasizing judicious imposition of penalties for statutory obligations supported the decision to cancel the penalty, noting the technical nature of the breach and the assessee's good faith efforts to rectify the errors. en-us Mon, 19 Sep 2011 00:00:00 +0530 Mon, 25 Sep 2017 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185917 The Tribunal upheld the cancellation of a penalty of Rs. 7,70,000 imposed under section 272B of the Income-tax Act, 1961 for incorrect PAN quoting by the assessee. The penalty was annulled due to the assessee's timely rectification of the PAN errors, compliance with section 139A, and the reasonable cause for the PAN quoting failure attributed to the deductees. Judicial precedents emphasizing judicious imposition of penalties for statutory obligations supported the decision to cancel the penalty, noting the technical nature of the breach and the assessee's good faith efforts to rectify the errors. Case-Laws Income Tax Mon, 19 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185917