No Penalty for Assessee: Reasonable Cause Found for Not Deducting Tax on Foreign Remittances u/ss 271C and 273B.

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....Penalty u/s Sec. 271C - non deduction of tds on five foreign remittances u/s 195 - there was reasonable cause as envisaged u/s 273B for not deducting tax at source by the assessee on the aforesaid payments, and therefore, the assessee was not liable for levy of penalty u/s 271C - AT....