https://www.taxtmi.com/caselaws?id=345810 The Allahabad High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under Section 271 C of the Income Tax Act, 1961. The court found that the respondent, a bank with fixed deposits in NOIDA, was not obligated to deduct tax at source on the interest earned from these deposits due to NOIDA's exemption as a corporation under the U.P. Industrial Development Act, 1976. The court determined that the respondent had a reasonable cause for the failure to deduct tax at source, similar to a previous case involving G.M. (Telecom) BSNL, and dismissed the appeal challenging the penalty imposition. en-us Thu, 20 Jul 2017 00:00:00 +0530 Wed, 26 Jul 2017 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345810 The Allahabad High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under Section 271 C of the Income Tax Act, 1961. The court found that the respondent, a bank with fixed deposits in NOIDA, was not obligated to deduct tax at source on the interest earned from these deposits due to NOIDA's exemption as a corporation under the U.P. Industrial Development Act, 1976. The court determined that the respondent had a reasonable cause for the failure to deduct tax at source, similar to a previous case involving G.M. (Telecom) BSNL, and dismissed the appeal challenging the penalty imposition. Case-Laws Income Tax Thu, 20 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345810