2016 (2) TMI 1079

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.... of TDS returns. 2. In these cases, the tax was deducted and deposited on receipt of payment and TDS returns were filed after deposit of taxes. Section 200(3) of the Income-tax Act provided that any person deducting any sum shall after paying the tax deducted to the credit of Central Government shall prepare statements for such period as may be prescribed and deliver to the prescribed income-tax authority. Provision of Section 272A(2)(k) of the Act provides for imposition of penalty for failure to deliver copy of statement within time specified in subsection (3) of Section 200 of Rs. 100/- for every day. These sections also clearly lay down that the filing of quarterly statements is consequential to payment of taxes. The delayed payment ....

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....quarterly statement is technical and venial breach of provision of the Act. In case of the Oriental Insurance Co. Ltd. (supra), it has been held as under: "5. We have heard the rival parties and perused the material on record. In our considered view the ld. CIT(A) was justified in deleting the impugned penalty. He has given cogent reasons while deleting the penalty. There is no dispute about the fact that the appellant has deposited most of amount of the tax deducted at source under the provisions of the Act with the Government within stipulated time. However, where there is delay in such deposits, same has been deposited with interest. Further, the tax deducted at source for the relevant period was deposited by the appellant along....