TaxTMI 
TaxTMI 
2005 (10) TMI 249
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..... 14th Aug., 2003, pertaining the asst. yr. 1999-2000. 2. The assessee-firm while finalizing accounts on 31st March, 1999 credited interest exceeding Rs. 2,500 in the accounts of some creditors without making deductions of tax at source. Form No. 15H was received by the assessee-firm on 1st April, 1999. i.e., after the close of the financial year. The ITO issued notice dt. 26th May, 1999 stating ....
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....re this Bench the same issue, has been taken by both the parties. 5. I have heard the rival submissions and perused the evidence on record. The learned representatives have taken similar lines of their arguments as taken before. 6. The undisputed facts of the case are that the assessee-firm had credited interest exceeding Rs. 2,500 on 31st March, 1999 without deducting tax at source and not in t....
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....herein it has been held that the penal provisions are attracted only when the payment is made in cash and not by crediting the same. 7. On the contrary, the learned Departmental Representative has placed reliance on the orders of the authorities below and argued in favour of the levy of penalty. 8. Like all other penalties provided under the Act, the levy of penalty under s. 271C is also a semi-....