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2016 (2) TMI 122 - ITAT AHMEDABADPenalty u/s.272A(2)(k) - Tax Collection at Source (TCS) - Held that:- The assessee was not aware of the provisions of TCS deduction and deposit and filing of quarterly returns. The assessee first came to know upon survey on its business premises and thereafter immediately deposited TCS along with interest and thus, it is technical and venial breach of provision causing no loss to Revenue. We are therefore of the considered view that the penalty levied u/s.271A(2)(k) cannot be sustained and therefore, the same is hereby ordered to be deleted. A.O. is directed accordingly. - Decided in favour of assessee Penalty u/s. 271CA - Held that:- The assessee had paid TDS along with interest and therefore there was no loss to the revenue and there was only technical or venial breach with constitute reasonable cause within the meaning of section 273B of the Act and in view of this the order of CIT(A) cannot be sustained and we delete the penalty by allowing the appeal of the assessee.- Decided in favour of assessee
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