https://www.taxtmi.com/caselaws?id=273381 The Tribunal ruled in favor of Jaypee Sports International Ltd. and Jaypee Infratech Ltd., deleting the penalty under section 271C for non-deduction of tax at source on Interest and Lease rent payments for assessment years 2011-12 to 2013-14. The Tribunal considered the factual matrix, including lease terms and tax deduction practices, finding a reasonable cause for non-deduction of tax at source on Lease rent payments. Consequently, the penalty was deemed unsustainable under section 271C, leading to the deletion of penalties for both Interest and Lease rent payments for the relevant assessment years. en-us Thu, 23 Nov 2017 00:00:00 +0530 Fri, 22 Jun 2018 06:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273381 The Tribunal ruled in favor of Jaypee Sports International Ltd. and Jaypee Infratech Ltd., deleting the penalty under section 271C for non-deduction of tax at source on Interest and Lease rent payments for assessment years 2011-12 to 2013-14. The Tribunal considered the factual matrix, including lease terms and tax deduction practices, finding a reasonable cause for non-deduction of tax at source on Lease rent payments. Consequently, the penalty was deemed unsustainable under section 271C, leading to the deletion of penalties for both Interest and Lease rent payments for the relevant assessment years. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273381