TaxTMI 
TaxTMI 
2014 (9) TMI 1171
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....nst the order of the learned CIT (Appeals), Chandigarh dated 19.12.2013 for assessment year 2008-09 confirming the penalty under section 271C of the Income Tax Act. 2. In this case it was informed that the assessee has not deducted the tax at source as required under the provisions of Chapter XVII-B of the Income Tax Act. The Assessing Officer levied penalty under section 271C of the Income Tax A....
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....see submitted that omission to deduct TDS was under bonafide belief that TDS was not to be deducted on payment made to non-banking financial institution as in the case of the banks. The assessee has already been penalized by way of addition at the time of assessment by way of disallowance of interest under section 40(a)(ia) of the Act. He has submitted that whatever addition was made has been admi....
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....onary in nature and the facts and circumstances of the case shall have to be taken into consideration. Section 273B of the Income Tax Act provides that no penalty under section 271C shall be imposable on the person or the assessee as the case may be, for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure. The circumstances explained by....