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2018 (6) TMI 27 - AT - Income TaxInitiation of penalty u/s 271C - delay caused in depositing the tax deducted at source - reasonable cause for delay - Held that:- As per section 273B no penalty shall be imposed u/s 271C if the assessee is able to prove that there was reasonable cause for depositing TDS - Tribunal had primarily allowed the appeals of the assessee by holding there was reasonable cause as mandated u/s 273B - thus there was reasonable cause on part of assessee for the default in remittance of tax deducted at source into the Government account on time, and therefore, that the penalty u/s 271C of the I.T.Act is not warranted - Decided in favor of assessee.
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