Penalty for Non-Deduction of TDS on Lease Rent Payments Overturned Due to Reasonable Cause u/ss 271C & 273B.

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....Penalty u/s 271C - non deduction of tds - the belief, being a reasonable cause, for non deduction of tax at source in respect of lease rent payment, magnetizes the provisions of section 273B. Considering the provisions of section 271C read with section 273B, we hold that the penalty imposed u/s 271C is not sustainable....