https://www.taxtmi.com/caselaws?id=419741 Penalty for alleged short collection of tax collection at source could not be sustained where the assessee had already collected and deposited tax in excess of the amount computed by the Assessing Officer, and the record showed that proper credit had not been given. The alleged default therefore was not established, and the penalty under section 271CA was deleted. For the demand of short collection and consequential interest under section 206C, the matter required verification of the tax credit reflected in the returns and system record before final levy. The demand was not finally upheld on merits and was restored for verification, giving partial relief to the assessee. en-us Wed, 16 Mar 2022 00:00:00 +0530 Fri, 18 Mar 2022 22:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419741 Penalty for alleged short collection of tax collection at source could not be sustained where the assessee had already collected and deposited tax in excess of the amount computed by the Assessing Officer, and the record showed that proper credit had not been given. The alleged default therefore was not established, and the penalty under section 271CA was deleted. For the demand of short collection and consequential interest under section 206C, the matter required verification of the tax credit reflected in the returns and system record before final levy. The demand was not finally upheld on merits and was restored for verification, giving partial relief to the assessee. Case-Laws Income Tax Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419741