https://www.taxtmi.com/caselaws?id=376312 The court ruled that Clause (b) of Sub-Section (1) of Section 271C of the Income Tax Act is distinct from Clause (a) and should be strictly interpreted as written. Section 273B can be invoked for waiver or reduction of penalties under Section 271C for reasonable cause. Prior judgments in U.S. Technologies and Classic Concepts were overruled, clarifying that both failure to deduct and failure to pay tax can attract penalties, with Section 273B applicable to mitigate penalties. The appellant's penalties were set aside, and the appeals were allowed, emphasizing strict adherence to statutory provisions without judicial alteration. en-us Wed, 19 Dec 2018 00:00:00 +0530 Thu, 07 Mar 2019 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376312 The court ruled that Clause (b) of Sub-Section (1) of Section 271C of the Income Tax Act is distinct from Clause (a) and should be strictly interpreted as written. Section 273B can be invoked for waiver or reduction of penalties under Section 271C for reasonable cause. Prior judgments in U.S. Technologies and Classic Concepts were overruled, clarifying that both failure to deduct and failure to pay tax can attract penalties, with Section 273B applicable to mitigate penalties. The appellant's penalties were set aside, and the appeals were allowed, emphasizing strict adherence to statutory provisions without judicial alteration. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376312