Penalty for Non-Resident Taxpayer Deleted Due to Genuine Belief of No Liability; Prosecution Cannot Proceed.

Penalty for Non-Resident Taxpayer Deleted Due to Genuine Belief of No Liability; Prosecution Cannot Proceed. https://www.taxtmi.com/highlights?id=73958 Offence u/s 276C(1) - CIT(A) while deleting the penalty held that, The Commissioner of Income Tax, Appeal held in the appeal No.16/10060/2019-20, the petitioner was under bonafide belief that there was no tax liability to be discharged by him on account of his residential status as NRE accounts and the TDS made by the bank. - once the penalty on the petitioner was deleted, the prosecution initiated by the respondent cannot be sustained. - HC en-us Thu, 04 Jan 2024 09:11:02 +0530 Thu, 04 Jan 2024 20:25:10 +0530 TaxTMI RSS Generator Penalty for Non-Resident Taxpayer Deleted Due to Genuine Belief of No Liability; Prosecution Cannot Proceed. https://www.taxtmi.com/highlights?id=73958 Offence u/s 276C(1) - CIT(A) while deleting the penalty held that, The Commissioner of Income Tax, Appeal held in the appeal No.16/10060/2019-20, the petitioner was under bonafide belief that there was no tax liability to be discharged by him on account of his residential status as NRE accounts and the TDS made by the bank. - once the penalty on the petitioner was deleted, the prosecution initiated by the respondent cannot be sustained. - HC Highlights Income Tax Thu, 04 Jan 2024 09:11:02 +0530 https://www.taxtmi.com/highlights?id=73958