https://www.taxtmi.com/highlights?id=53889 Penalty u/s 271C - non deducting tax at source from the payment towards LTC consisting of foreign travel - for the first time, after the survey by the tax departments this issue arose for consideration and after the judgment of the Tribunal, the matter got clarified and the assessee bank has duly complied and deposited the outstanding demand along with interest and has taken corrective steps in subsequent years as well. - No penalty since there was reasonable cause u/s 273B. en-us Thu, 02 Jul 2020 07:41:54 +0530 Thu, 02 Jul 2020 07:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53889 Penalty u/s 271C - non deducting tax at source from the payment towards LTC consisting of foreign travel - for the first time, after the survey by the tax departments this issue arose for consideration and after the judgment of the Tribunal, the matter got clarified and the assessee bank has duly complied and deposited the outstanding demand along with interest and has taken corrective steps in subsequent years as well. - No penalty since there was reasonable cause u/s 273B. Highlights Income Tax Thu, 02 Jul 2020 07:41:54 +0530 https://www.taxtmi.com/highlights?id=53889