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2016 (7) TMI 1248 - AT - Income TaxLevy of penalty u/s. 272A(2)(k) - default in furnishing the quarterly tax deducted at source (TDS) returns - According to the assessee, the delay occurred due to the compliance guidelines as framed by NSDL – mandatory quoting of 85% deductees Correct Pan numbers, etc., which were newly introduced at that time - Held that:- It is an admitted fact that the TDS was deducted and the amount was deposited in the Government account well within the time. Though there is a delay in submitting the return, the reasons given thereto appears to be very cogent and reasonable. Further, even otherwise due to such delay in filing the return, no prejudice is caused to the Revenue, nor does the assessee stand to gain, and default cannot be attributed as intentional to such delay. Under these circumstances, for these reasons, we find that the reasons explained by the assessee constitute a reasonable cause and consequently find that the orders of the authorities below cannot be sustained under law, and are liable to be set aside. We, therefore, record a finding accordingly and allow the appeal of the assessee.
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