https://www.taxtmi.com/caselaws?id=390307 Penalty for failure to deduct or short deduct tax at source was cancelled because the assessee showed reasonable cause under the statutory protection for bona fide default. The Tribunal accepted that the assessee was a small trader in a small town, dealing with ginning, pressing, lint converting charges and commission, and that the omission was not deliberate. It also relied on the fact that the default came to light only during survey proceedings and that the assessee held a bona fide belief that tax was not deductible on the payments in question. en-us Fri, 13 Dec 2019 00:00:00 +0530 Tue, 09 Aug 2022 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390307 Penalty for failure to deduct or short deduct tax at source was cancelled because the assessee showed reasonable cause under the statutory protection for bona fide default. The Tribunal accepted that the assessee was a small trader in a small town, dealing with ginning, pressing, lint converting charges and commission, and that the omission was not deliberate. It also relied on the fact that the default came to light only during survey proceedings and that the assessee held a bona fide belief that tax was not deductible on the payments in question. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390307