2003 (10) TMI 266

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....ard the rival submissions and carefully perused the orders of the authorities below and documents placed on record. The facts borne out from the record are that assessee had not deducted TDS from interest paid to various creditors on the basis of the Form No. 15A received from them. Since no TDS was deducted, the assessee was obliged to avail Form No. 27A as per provisions of s. 206A on or before ....

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....ed his earlier stand that his accountant was part-time accountant and during the relevant period, he was out of station. Finding no force in the contentions of the assessee, the CIT(A) confirmed the penalty. 3. Now, the assessee has carried the matter before the Tribunal and during the course of hearing, the learned counsel for the assessee invited our attention to the provisions of s. 275(1)(c....

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....et. The learned Departmental Representative, on the other hand, has simply placed reliance upon the order of the lower authorities. 4. Having considered rival submissions and from careful perusal of record, I find force in the contention of the assessee that the penalty order was passed after the period of limitation. It is amply clear from the cl. (c) of s. 275(1) of the Act that the penalty s....