https://www.taxtmi.com/caselaws?id=401307 The Tribunal ruled in favor of the assessee, a branch of a national bank, by deleting the penalty imposed under section 271C of the I.T. Act for non-deduction of tax at source. The Tribunal found a reasonable cause for the non-deduction, referencing legal precedents and comparable cases where penalties were similarly deleted due to errors in judgment rather than intentional non-compliance. The Tribunal directed the A.O. to delete the penalty, emphasizing the significance of bona fides and reasonable causes in tax penalty cases, thereby allowing the appeal of the assessee. en-us Mon, 09 Nov 2020 00:00:00 +0530 Mon, 04 Nov 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401307 The Tribunal ruled in favor of the assessee, a branch of a national bank, by deleting the penalty imposed under section 271C of the I.T. Act for non-deduction of tax at source. The Tribunal found a reasonable cause for the non-deduction, referencing legal precedents and comparable cases where penalties were similarly deleted due to errors in judgment rather than intentional non-compliance. The Tribunal directed the A.O. to delete the penalty, emphasizing the significance of bona fides and reasonable causes in tax penalty cases, thereby allowing the appeal of the assessee. Case-Laws Income Tax Mon, 09 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401307