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2007 (8) TMI 326 - HC - Income TaxAssessee had not issued tax deducted at source certificate within the prescribed time - assessee explained that the firm was incurring heavy losses over the years and its revenue-generating activities had been hampered due to labour unrest and since most of the employees had left, there was no experienced person to look after the tax matters - no mala fide intention in issuing TDS certificate late - Tribunal rightly deleted the penalties on the ground that there was a reasonable cause with the assessee for failure to issue the TDS certificates within the stipulated time
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