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2016 (10) TMI 1194 - AT - Income TaxPenalty levied u/s 271CA - default on account of non collection of TCS u/s 206C - reasonable cause for non timely compliance - Held that:- Reasonable cause for non timely compliance has been attributed to the ignorance of applicable law. To demonstrate the ignorance, the assessee has submitted documentary evidence before the learned CIT(Appeals) who has found the same to be cogent The failure on the part of the assessee was a technical and venial breach which did not result into any loss to the Revenue as the TCS was paid along with interest - thus the order passed u/s 271CA imposing penalty is hereby cancelled - Decided in favor of assessee.
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