https://www.taxtmi.com/caselaws?id=56679 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to cancel penalties under section 271C. It found that the respondents had a bona fide belief and reasonable cause for not deducting and paying tax due to pending exemption petitions under section 194H(2). The respondents' actions were deemed diligent and compliant with statutory provisions, exempting them from penalties under section 271C as per section 273B. en-us Mon, 12 Apr 1999 00:00:00 +0530 Mon, 06 Dec 2010 13:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56679 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to cancel penalties under section 271C. It found that the respondents had a bona fide belief and reasonable cause for not deducting and paying tax due to pending exemption petitions under section 194H(2). The respondents' actions were deemed diligent and compliant with statutory provisions, exempting them from penalties under section 271C as per section 273B. Case-Laws Income Tax Mon, 12 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56679