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2021 (8) TMI 467 - AT - Income TaxPenalty u/s 271C - non-deduction of tax at source on the interest accrued on bank deposits of the customers - penalty has been levied in view of liability raised under section 201(1) and 201(1A) of the Act by the Assessing Officer for holding assessee in default for non-deduction of tax at source on interest paid/accrued on bank deposits of customers - HELD THAT:- We are of the opinion that when the foundation of levy of penalty under section 271C has been demolished, the penalty levied under section 271C cannot survive. Accordingly, we cancel the penalty levied by Joint/Additional Commissioner of Income-tax, in both the assessment years, i.e., AY 2014-15 and 2015-16. The grounds of the appeal of the assessee raised in both appeals are accordingly allowed.
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