https://www.taxtmi.com/caselaws?id=273013 The ITAT dismissed the Revenue's appeal, upholding the CIT(Appeals) decision to cancel the penalty under section 271CA for the assessment year 2011-12. The ITAT considered the reasonable cause for the default in collecting TCS, the ignorance of applicable law by the assessee, subsequent compliance, and the absence of revenue loss as valid reasons for not imposing the penalty. en-us Tue, 04 Oct 2016 00:00:00 +0530 Thu, 31 May 2018 08:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273013 The ITAT dismissed the Revenue's appeal, upholding the CIT(Appeals) decision to cancel the penalty under section 271CA for the assessment year 2011-12. The ITAT considered the reasonable cause for the default in collecting TCS, the ignorance of applicable law by the assessee, subsequent compliance, and the absence of revenue loss as valid reasons for not imposing the penalty. Case-Laws Income Tax Tue, 04 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273013