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2012 (7) TMI 221 - AT - Income TaxPenalty u/s 271(1)(c) - failure to deduct tax at source - assessee, a non-resident company having its principal place of business at Honkong, did not deduct tax at source on payments made to various Channel Companies, which are also non-resident companies based in Honkong - assessee contended non-requirement to deduct TDS on the payment made by a non-resident to a non-resident u/s 195 - In view of the decision in the case of Eli Lilly & CO. Ltd (2009 (3) TMI 33 (SC)), wherein it was held that if the assessee had a bonafide belief that it was not required to deduct tax at source even if the amount is held taxable later on will not result in levy of penalty u/s 271C, it is held that no penalty u/s 271C can be levied - Decided against Revenue.
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