https://www.taxtmi.com/caselaws?id=349527 The Tribunal found that the pharmaceutical company's failure to deduct TDS was unintentional and promptly rectified, with no malafide intent. Referring to precedent, the Tribunal ruled that voluntary tax payment, even if delayed, does not imply malafide. Consequently, penalties of Rs. 72,959 and Rs. 49,996 for the respective assessment years were revoked, emphasizing the significance of bona fide errors and voluntary tax compliance. en-us Thu, 21 Sep 2017 00:00:00 +0530 Mon, 16 Oct 2017 09:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349527 The Tribunal found that the pharmaceutical company's failure to deduct TDS was unintentional and promptly rectified, with no malafide intent. Referring to precedent, the Tribunal ruled that voluntary tax payment, even if delayed, does not imply malafide. Consequently, penalties of Rs. 72,959 and Rs. 49,996 for the respective assessment years were revoked, emphasizing the significance of bona fide errors and voluntary tax compliance. Case-Laws Income Tax Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349527