https://www.taxtmi.com/caselaws?id=277944 The Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income-tax Act for non-deduction of tax at source. It was held that the penalty was not justified as there was no concealment of income or furnishing of inaccurate particulars; rather, the issue stemmed from a disagreement regarding tax deduction under Section 40(a)(ia). The Tribunal ordered the deletion of the penalty, emphasizing that the assessee had made a genuine disclosure and acted in good faith based on reasonable beliefs supported by relevant documentation. en-us Wed, 21 Oct 2015 00:00:00 +0530 Tue, 01 Jan 2019 06:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277944 The Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income-tax Act for non-deduction of tax at source. It was held that the penalty was not justified as there was no concealment of income or furnishing of inaccurate particulars; rather, the issue stemmed from a disagreement regarding tax deduction under Section 40(a)(ia). The Tribunal ordered the deletion of the penalty, emphasizing that the assessee had made a genuine disclosure and acted in good faith based on reasonable beliefs supported by relevant documentation. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277944