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State Bank of India Versus Addl. CIT- (TDS) , Kanpur

Penalty u/s 271C - assessee had failed to deduct TDS on interest paid on FDRs and to deposit the same - Held that - The assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed. This is clear from the fact that the moment this descrepancy was highlighted by the AO, the assessee immediately deposited the short deduc....... + More



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