https://www.taxtmi.com/caselaws?id=273007 The Tribunal allowed the appeal against the penalty imposed under section 271CA for failure to collect Tax Collected at Source (TCS). The appellant, who had leased Parking Lots in Chandigarh during the relevant financial year, initially overlooked the TCS provisions but later complied by collecting and depositing the tax with interest. The Tribunal considered the appellant's bonafide belief, citing section 273B for non-levy of penalty due to reasonable cause. The evidence of payment supported the appellant's claim, leading to the setting aside of the penalty by the Tribunal in a decision pronounced on 13th December 2012. en-us Thu, 13 Dec 2012 00:00:00 +0530 Wed, 30 May 2018 15:49:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273007 The Tribunal allowed the appeal against the penalty imposed under section 271CA for failure to collect Tax Collected at Source (TCS). The appellant, who had leased Parking Lots in Chandigarh during the relevant financial year, initially overlooked the TCS provisions but later complied by collecting and depositing the tax with interest. The Tribunal considered the appellant's bonafide belief, citing section 273B for non-levy of penalty due to reasonable cause. The evidence of payment supported the appellant's claim, leading to the setting aside of the penalty by the Tribunal in a decision pronounced on 13th December 2012. Case-Laws Income Tax Thu, 13 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273007