https://www.taxtmi.com/caselaws?id=360688 Penalty for failure to collect tax at source on processed timber planks was held unsustainable where the assessee was not treated as an assessee in default for the substantial accepted sales and had produced confirmation and tax payment evidence for the remaining turnover. The Tribunal also found reasonable cause under section 273B, relying on the assessee's bona fide belief, departmental correspondence, legal advice, and the prevailing clarification that processed cut-size planks were not covered in the same manner as timber logs. On that basis, penalty was not leviable and the deletion of penalty was upheld. en-us Fri, 11 May 2018 00:00:00 +0530 Mon, 21 May 2018 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360688 Penalty for failure to collect tax at source on processed timber planks was held unsustainable where the assessee was not treated as an assessee in default for the substantial accepted sales and had produced confirmation and tax payment evidence for the remaining turnover. The Tribunal also found reasonable cause under section 273B, relying on the assessee's bona fide belief, departmental correspondence, legal advice, and the prevailing clarification that processed cut-size planks were not covered in the same manner as timber logs. On that basis, penalty was not leviable and the deletion of penalty was upheld. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360688