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2015 (3) TMI 1069 - ITAT MUMBAI

2015 (3) TMI 1069 - ITAT MUMBAI - TMI - Penalty u/s.271(1)(c) - deduction of interest expenses without deducting TDS - Held that:- In this case, the penalty has been levied for disallowance of expenditure u/s.40(a)(ia) of the Act. It is not a case of furnishing of inaccurate particulars of income or concealment of income. The failure to deduct the TDS on the part of the assessee has resulted in disallowance of expenditure. The assessee had not furnished any inaccurate particulars of income or ex .....

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ncome. The levy of penalty u/s.271(1)(c) of the Act is not attracted in this case and the same is accordingly ordered to be deleted. - Decided in favour of assessee. - I.T.A. No. 6684/Mum/2012 - Dated:- 4-3-2015 - SHRI B. R. BASKARAN, AM AND SHRI SANJAY GARG, JM For the Petitioner : None For the Respondent : Shri Love Kumar ORDER Per Sanjay Garg, Judicial Member : The present appeal has been preferred by the assessee against the order of the ld. CIT(A)-26 dated 13.08.2012. The assessee has agita .....

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bmitted before the A.O. that there was only a technical lapse on the part of the assessee in non production of proof of Forms No. 15G, which were misplaced and not traceable. The assessee also submitted that certain payments of interest were made to HUF s and the assessee was under bona fide belief that the payments of interest to HUF did not call for any deduction of tax at source. The A.O., however, did not agree with the submissions of the assessee and held that the assessee had furnished wro .....

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