No Penalty for Failure to Deduct TDS on Property Transfer Due to Reasonable Cause u/s 273B.

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....Penalty u/s 271C - assessee did not deducted income tax at source u/s. 194IA @ 1% on payments made for transfer of immovable property(other than agricultural land) - There is a latin maxim “ignorantia legis neminem excusat” which means that ignorance of law shall not excuse a person. But at the same time there is no presumption in law that all persons know all the laws, and more so complex fiscal laws concerning taxing statutes. - ssessee has demonstrated a reasonable cause u/s 273B - No penalty - AT....