https://www.taxtmi.com/caselaws?id=332345 The Tribunal set aside the penalty imposed under section 221(1) r.w.s. 201(1) of the Income Tax Act for delayed deposit of tax deducted at source, amounting to Rs. 5,10,000, for both assessment years. The Tribunal favored the appellant's prompt deposit of TDS before proceedings, considering it a sufficient reason to waive the penalty, contrasting it with cases where penalties were imposed post-deposit. The decision aligned with legal precedents and directed the Assessing Officer to delete the penalty, allowing the appeals in favor of the assessee for both assessment years. en-us Fri, 19 Aug 2016 00:00:00 +0530 Tue, 06 Feb 2018 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332345 The Tribunal set aside the penalty imposed under section 221(1) r.w.s. 201(1) of the Income Tax Act for delayed deposit of tax deducted at source, amounting to Rs. 5,10,000, for both assessment years. The Tribunal favored the appellant's prompt deposit of TDS before proceedings, considering it a sufficient reason to waive the penalty, contrasting it with cases where penalties were imposed post-deposit. The decision aligned with legal precedents and directed the Assessing Officer to delete the penalty, allowing the appeals in favor of the assessee for both assessment years. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332345