https://www.taxtmi.com/caselaws?id=285283 The ITAT Chandigarh dismissed the Revenue's appeals regarding the cancellation of penalties under Section 271CA of the Income Tax Act for assessment years 2011-12 and 2012-13. The tribunal upheld the cancellation of the penalty imposed on the individual running a scrap business for not deducting Tax Collected at Source (TCS) on sales, citing the reasonable cause shown by the assessee in providing evidence of tax payments by purchasers and compliance with tax laws. The judgment emphasized the importance of establishing a valid and reasonable explanation for failure to deduct TCS before imposing penalties, ultimately ruling in favor of the assessee. en-us Tue, 21 Jun 2016 00:00:00 +0530 Mon, 06 Jan 2020 20:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285283 The ITAT Chandigarh dismissed the Revenue's appeals regarding the cancellation of penalties under Section 271CA of the Income Tax Act for assessment years 2011-12 and 2012-13. The tribunal upheld the cancellation of the penalty imposed on the individual running a scrap business for not deducting Tax Collected at Source (TCS) on sales, citing the reasonable cause shown by the assessee in providing evidence of tax payments by purchasers and compliance with tax laws. The judgment emphasized the importance of establishing a valid and reasonable explanation for failure to deduct TCS before imposing penalties, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285283