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2015 (10) TMI 1588 - AT - Income TaxPenalty u/s. 271C - Non deduction of TDS u/s. 194J on payment of MICR charges as towards fees for technical charges - Held that:- In the present case, Revenue has not brought any material on record to demonstrate that the reasons given by Assessee for non deduction of tax was not bona fide or to be false. We further find that CIT(A) by a very cryptic order has upheld the action of A.O. Considering the totality of the facts we are of the view that in the present case the reasons given by Assessee for non deduction of TDS appears to be bona fide and therefore the provisions for penalty u/s. 271C of the Act are not attracted. We accordingly direct its deletion. See case of Prime Co-Op. Bank Ltd. (2015 (10) TMI 1744 - ITAT AHMEDABAD) - Decided in favour of assessee.
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