https://www.taxtmi.com/caselaws?id=412242 The Tribunal allowed the appeal, emphasizing the assessee's bonafide actions in rectifying the tax deduction error promptly. The penalty imposed under section 271C of the Income Tax Act, 1961 was deleted as the assessee promptly deposited the entire tax amount with interest upon realizing the mistake, ensuring no revenue loss occurred. The decision was reached in August 2021 after a virtual hearing, with both parties in attendance. en-us Tue, 31 Aug 2021 00:00:00 +0530 Tue, 14 Sep 2021 08:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412242 The Tribunal allowed the appeal, emphasizing the assessee's bonafide actions in rectifying the tax deduction error promptly. The penalty imposed under section 271C of the Income Tax Act, 1961 was deleted as the assessee promptly deposited the entire tax amount with interest upon realizing the mistake, ensuring no revenue loss occurred. The decision was reached in August 2021 after a virtual hearing, with both parties in attendance. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412242