https://www.taxtmi.com/caselaws?id=440136 The court quashed the criminal proceeding under Sections 276B and 278B of the Income Tax Act, 1961, regarding the delay in depositing TDS amount. The petitioner, a beverage company, faced financial instability causing delays in TDS deposit due to a Trust and Retention Account agreement. The defense relied on a circular stating prosecutions should not be proposed for insignificant amounts already deposited. The court considered the substantial defaults required before prosecution initiation, and the valid reasons presented by the petitioner led to the quashing of the cognizance order. en-us Wed, 05 Jul 2023 00:00:00 +0530 Tue, 11 Jul 2023 08:30:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440136 The court quashed the criminal proceeding under Sections 276B and 278B of the Income Tax Act, 1961, regarding the delay in depositing TDS amount. The petitioner, a beverage company, faced financial instability causing delays in TDS deposit due to a Trust and Retention Account agreement. The defense relied on a circular stating prosecutions should not be proposed for insignificant amounts already deposited. The court considered the substantial defaults required before prosecution initiation, and the valid reasons presented by the petitioner led to the quashing of the cognizance order. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440136