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2004 (5) TMI 17 - HC - Income TaxPenalty u/s 271C – non deduction of TDS - 'reasonable cause' so shown and the explanation offered has not been considered on merits by the lower authorities while levying/upholding the penalty - lower authorities were rather highly influenced in levying/upholding the penalty by the alleged non-co-operation in furnishing details of salary or denial of payment of salary in Japan and the ultimate payment of tax and interest was not suo motu but was as a result of investigations and efforts made by the Assistant Commissioner of Income-tax - as the levy of penalty under section 271C is concerned these are extraneous considerations as what the revenue authorities are required to consider while levying such penalty is existence of reasonable cause for non-deduction of tax at source - reasonable cause as shown by the assessee-company has not been properly appreciated and deliberated by the lower authorities – Tribunal was right in cancelling the penalty imposed under section 271C
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