https://www.taxtmi.com/caselaws?id=59553 The Tribunal allowed the appeal, overturning the penalty order under Section 221, as the assessee was not liable to deduct tax at source for 'interest accrued but not due' due to the inability to identify the payee. The Tribunal held that penalties for non-deduction of tax at source are governed by Section 271C, not Section 221. en-us Mon, 31 Jul 2006 00:00:00 +0530 Thu, 29 Feb 2024 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59553 The Tribunal allowed the appeal, overturning the penalty order under Section 221, as the assessee was not liable to deduct tax at source for 'interest accrued but not due' due to the inability to identify the payee. The Tribunal held that penalties for non-deduction of tax at source are governed by Section 271C, not Section 221. Case-Laws Income Tax Mon, 31 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59553