https://www.taxtmi.com/highlights?id=63829 Penalty u/s 271C - assessee did not deducted income tax at source u/s. 194IA @ 1% on payments made for transfer of immovable property(other than agricultural land) - There is a latin maxim “ignorantia legis neminem excusat” which means that ignorance of law shall not excuse a person. But at the same time there is no presumption in law that all persons know all the laws, and more so complex fiscal laws concerning taxing statutes. - ssessee has demonstrated a reasonable cause u/s 273B - No penalty - AT en-us Thu, 02 Jun 2022 15:17:03 +0530 Thu, 02 Jun 2022 15:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=63829 Penalty u/s 271C - assessee did not deducted income tax at source u/s. 194IA @ 1% on payments made for transfer of immovable property(other than agricultural land) - There is a latin maxim “ignorantia legis neminem excusat” which means that ignorance of law shall not excuse a person. But at the same time there is no presumption in law that all persons know all the laws, and more so complex fiscal laws concerning taxing statutes. - ssessee has demonstrated a reasonable cause u/s 273B - No penalty - AT Highlights Income Tax Thu, 02 Jun 2022 15:17:03 +0530 https://www.taxtmi.com/highlights?id=63829