TMI Blog2003 (10) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... elow and documents placed on record. The facts borne out from the record are that assessee had not deducted TDS from interest paid to various creditors on the basis of the Form No. 15A received from them. Since no TDS was deducted, the assessee was obliged to avail Form No. 27A as per provisions of s. 206A on or before 30th April, 1991. However the said Form No. 27A was filed late by 77 days on 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e relevant period, he was out of station. Finding no force in the contentions of the assessee, the CIT(A) confirmed the penalty. 3. Now, the assessee has carried the matter before the Tribunal and during the course of hearing, the learned counsel for the assessee invited our attention to the provisions of s. 275(1)(c) of the IT Act with the submission that the penalty cannot be imposed after th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed reliance upon the order of the lower authorities. 4. Having considered rival submissions and from careful perusal of record, I find force in the contention of the assessee that the penalty order was passed after the period of limitation. It is amply clear from the cl. (c) of s. 275(1) of the Act that the penalty should have been levied under s. 272A(2)(c) which does not have a direct link wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
