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2004 (8) TMI 50 - HC - Income TaxLevy of penalty under section 272A(2)(g) – late issue of tax deduction certificates - assessee had deducted tax at source out of payments made to eight contractors. Under the provisions of section 203 read with rule 31 of the Income-tax Rules 1962, it was required to issue tax deduction certificate in Form No. 16A to the said parties within the prescribed time. However, the said forms were issued late - Assessing Officer required the assessee to explain as to why penalty under section 272A(2)(g) of the Act be not levied on account of the above mentioned default - The tax deducted at source had been paid in time and the necessary return in respect of the same was duly filed in time with the Income-tax Department. No loss of revenue has occurred on account of late issue of tax deduction certificates. None of the contractors has raised any grievance on account of late supply of the certificate. Keeping in view these facts and especially that the default is merely technical or venial in nature, we are satisfied that it is not a fit case for the levy of penalty.
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