https://www.taxtmi.com/caselaws?id=410889 The Tribunal allowed the appeals filed by a bank against penalties imposed under section 271C of the IT Act for non-deduction of tax at source on interest accrued on bank deposits of customers who provided Form No. 15G and 15H. The Tribunal held that the bank cannot be held in default under sections 201(1) and 201(1A) as customers bear the responsibility to pay tax directly when requesting no TDS. Consequently, the penalties were canceled for both assessment years, emphasizing that without the basis for imposing penalties under section 271C, they could not be sustained. en-us Tue, 10 Aug 2021 00:00:00 +0530 Thu, 12 Aug 2021 08:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410889 The Tribunal allowed the appeals filed by a bank against penalties imposed under section 271C of the IT Act for non-deduction of tax at source on interest accrued on bank deposits of customers who provided Form No. 15G and 15H. The Tribunal held that the bank cannot be held in default under sections 201(1) and 201(1A) as customers bear the responsibility to pay tax directly when requesting no TDS. Consequently, the penalties were canceled for both assessment years, emphasizing that without the basis for imposing penalties under section 271C, they could not be sustained. Case-Laws Income Tax Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410889