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2016 (2) TMI 967 - HC - Income TaxPenalty under section 271C r.w.s. 274 - failure to deduct tax at source out of interest paid/credited to four deductees as required under section 194A - ITAT confirms CIT(A) order in deleting penalty - Held that:- As decided in CIT (TDS) v. State Bank of Patiala Sectt. Shimla ( 2015 (1) TMI 473 - HIMACHAL PRADESH HIGH COURT ) that no tax at source is required to be deducted in view of section 194A(3)(iii)(f) of the Act in respect of payments made to any societies which are wholly financed by the Government and the Central Government had issued notification exempting those societies. Learned counsel for the Revenue was not able to demonstrate that the approach of the Commissioner of Income-tax (Appeals) and the Tribunal was erroneous or perverse or that the findings of fact recorded were based on misreading or misappreciation of evidence on record warranting interference by this court. - Decided against revenue
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