https://www.taxtmi.com/caselaws?id=370783 The Income Tax Appellate Tribunal upheld penalties under Section 271C for non-deduction of TDS by a bank on fixed deposits, despite the bank's arguments for exemption under Section 273B due to alleged errors and previous exemption certificates. The court clarified that TDS must be deducted at the specified time under Section 194A(1) and that adjustments under Section 194A(4) do not excuse timing failures. Previous exemption certificates were deemed invalid for the relevant years, leading to the dismissal of the bank's appeals and the affirmation of penalties for both assessment years. en-us Tue, 20 Nov 2018 00:00:00 +0530 Mon, 05 Aug 2019 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370783 The Income Tax Appellate Tribunal upheld penalties under Section 271C for non-deduction of TDS by a bank on fixed deposits, despite the bank's arguments for exemption under Section 273B due to alleged errors and previous exemption certificates. The court clarified that TDS must be deducted at the specified time under Section 194A(1) and that adjustments under Section 194A(4) do not excuse timing failures. Previous exemption certificates were deemed invalid for the relevant years, leading to the dismissal of the bank's appeals and the affirmation of penalties for both assessment years. Case-Laws Income Tax Tue, 20 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370783