Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 471 - ITAT DELHIPenalty u/s 272B of the Act – PAN not provided in return as per section 139A(5B) of the Act – Held that:- CBDT has prescribed a threshold limit for compliance i.e., to provide information of PAN data by virtue of section 139A(5B)(iv) of the Act - the connotation "not be accepted" can be only with reference to the provisions of the Act - only by such interpretation the press release serves any purpose - The sole intention of the press release is to bring down the rigour of the provision of section 139A(5B) and 272B keeping in view the laborious and cumbersome task of compliance - the assessee has furnished PAN data to an extent of 93 per cent of the total deductees - when there is compliance in furnishing the PAN data in accordance with the threshold limit of 90% prescribed in the press release by the CBDT, the penal provisions do not attract – Revenue has also not been able to distinguish the decision – Decided in favour of Assessee.
|