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2005 (5) TMI 22 - HC - Income TaxTDS - "Whether Tribunal is legally correct in reducing the penalty imposed u/s 272A, for the assessment years 1989-90 and 1990-91, resorting to the proviso to section 272A(2) inserted by the Finance (No. 2) Act, 1991, with effect from October 1, 1991?" - Admittedly, the amounts deducted from the payment made to the contractors have been deposited within time and only Form No. 26C could not be filed within the time specified, thus the default was only of a technical nature. The Commissioner of Income-tax (Appeals) has deleted the penalty treating the default as of technical nature. Since the Tribunal has set aside the order of the Commissioner of Income-tax (Appeals) deleting the penalty, therefore, this issue is not open for adjudication by us, but, on the facts and circumstances of the case, we do not find any error in the order of the Tribunal restricting the amount of penalty to the extent of the amount deductible considering the intent of the Legislature by introducing the Finance (No. 2) Act, 1991, by which the proviso has been added with effect from October 1, 1991, restricting the amount of penalty to the amount of tax deductible only
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