https://www.taxtmi.com/caselaws?id=394109 Penalty under section 271C was held unsustainable where tax had been deducted at source but deposited belatedly. The Tribunal applied the settled distinction between failure to deduct tax, which can attract section 271C, and mere delay in remittance of already deducted tax, for which compensatory interest under section 201(1A) may arise instead. On the facts, the assessee had deducted tax and explained the delay in deposit by business disruption, so no penalty was leviable and the addition was deleted in favour of the assessee. en-us Tue, 07 Jan 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394109 Penalty under section 271C was held unsustainable where tax had been deducted at source but deposited belatedly. The Tribunal applied the settled distinction between failure to deduct tax, which can attract section 271C, and mere delay in remittance of already deducted tax, for which compensatory interest under section 201(1A) may arise instead. On the facts, the assessee had deducted tax and explained the delay in deposit by business disruption, so no penalty was leviable and the addition was deleted in favour of the assessee. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394109