Bank Penalized u/s 271C for LTC Tax Lapse; Penalty Waived Due to Reasonable Cause Per Section 273B.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s 271C - non deducting tax at source from the payment towards LTC consisting of foreign travel - for the first time, after the survey by the tax departments this issue arose for consideration and after the judgment of the Tribunal, the matter got clarified and the assessee bank has duly complied and deposited the outstanding demand along with interest and has taken corrective steps in subsequent years as well. - No penalty since there was reasonable cause u/s 273B.....