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2009 (9) TMI 164 - HC - Income TaxImposition of penalty for failure to file statement of tax deducted at source within time - “Whether, Tribunal was legally justified in upholding the decision of the Commissioner of Income-tax (Appeals) in reducing the penalty under section 272A (2)(c) from Rs. 99,500 to Rs. 2,337 for the assessment year 1989-90 whereas the relevant amendment made to this section came into effect with effect from October 1, 1991, only.” - It is not in dispute that Form No. 26A was filed on January 20, 1992 - Therefore, law which was applicable on the date when the form was filed would be applicable which in the present case is January 20, 1992. The proviso to sub-section (2) of section 272A of the Act was on the statute book having been inserted with effect from October 1, 1991. The maximum amount of penalty, therefore, cannot exceed the amount of tax deductible, i.e., Rs. 2,337 in the present case. - We, therefore, do not find any illegality in the order of the Tribunal. The appeal fails and is dismissed.
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