https://www.taxtmi.com/caselaws?id=365368 The Tribunal upheld the cancellation of penalties under section 271C of the IT Act for non TDS on interest income accrued on FDRs for Assessment Years 2012-13 and 2013-14. The bank's belief not to deduct TDS was deemed reasonable due to a registration certificate from the entity and its association with the state government. The Department's appeal was dismissed, emphasizing the importance of a reasonable cause for non-deduction of TDS and compliance with relevant provisions. en-us Tue, 07 Aug 2018 00:00:00 +0530 Thu, 16 Aug 2018 07:49:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365368 The Tribunal upheld the cancellation of penalties under section 271C of the IT Act for non TDS on interest income accrued on FDRs for Assessment Years 2012-13 and 2013-14. The bank's belief not to deduct TDS was deemed reasonable due to a registration certificate from the entity and its association with the state government. The Department's appeal was dismissed, emphasizing the importance of a reasonable cause for non-deduction of TDS and compliance with relevant provisions. Case-Laws Income Tax Tue, 07 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365368