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2018 (8) TMI 840 - AT - Income TaxLevy of penalty u/s 271C - reasonable cause for not deducting TDS on interest paid to Agra Development Authority - Held that:- the Department has not been able to show that the bonafide belief entertained by the assessee bank, as above, does not constitute a reasonable cause within the meaning of section 273B of the Act. - AO, on verifying the documents filed by the bank, found that the Agra Development Authority had paid the requisite taxes for F.Ys. 2010-11 and 2011-12, relevant to A.Y. 2011-12 and 2012- 13. Apropos A.Y. 2012-13, the assessee made TDS immediately on coming to note that the provisions of section 194A of the IT Act are applicable to payment of interest on the FDRs of the Agra Development Authority. - No penalty - Decided in favor of assessee.
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