https://www.taxtmi.com/caselaws?id=757178 Penalty for failure to collect tax at source on parking lot receipts was held unsustainable where the assessee promptly corrected the lapse, deposited the tax, and showed reasonable cause. The default was treated as technical rather than wilful or contumacious, and the assessee's status as a local authority acting for public purposes supported the conclusion that it should not be treated as an assessee in default. On these facts, the penalty under Sections 271CA and 271C was deleted and the matter was decided in favour of the assessee. en-us Wed, 14 Aug 2024 00:00:00 +0530 Sat, 17 Aug 2024 08:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757178 Penalty for failure to collect tax at source on parking lot receipts was held unsustainable where the assessee promptly corrected the lapse, deposited the tax, and showed reasonable cause. The default was treated as technical rather than wilful or contumacious, and the assessee's status as a local authority acting for public purposes supported the conclusion that it should not be treated as an assessee in default. On these facts, the penalty under Sections 271CA and 271C was deleted and the matter was decided in favour of the assessee. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757178