https://www.taxtmi.com/caselaws?id=395423 The tribunal allowed the appeals filed by the assessee bank, concluding that there was a reasonable cause for the bank's failure to deduct TDS. The penalty imposed under Section 271C was deleted, with the tribunal finding that the bank acted in good faith and relied on customer declarations submitted in Form No. 15G/15H. The tribunal emphasized the importance of consistent treatment of penalties between different branches of the same bank and held that ignoring the rectified order passed under Section 154 while imposing the penalty was against the law. en-us Wed, 15 Apr 2020 00:00:00 +0530 Thu, 21 May 2020 11:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395423 The tribunal allowed the appeals filed by the assessee bank, concluding that there was a reasonable cause for the bank's failure to deduct TDS. The penalty imposed under Section 271C was deleted, with the tribunal finding that the bank acted in good faith and relied on customer declarations submitted in Form No. 15G/15H. The tribunal emphasized the importance of consistent treatment of penalties between different branches of the same bank and held that ignoring the rectified order passed under Section 154 while imposing the penalty was against the law. Case-Laws Income Tax Wed, 15 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395423