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Commr. Of Income Tax-XVIII, Delhi Versus Bank Of Nova Scotia

2016 (1) TMI 583 - SUPREME COURT

Penalty u/s 271C - Penalty for failure to deduct tax at source - reasonable cause - ITAT and HC deleted the penalty levy - Held that:- In the present appeals we are concerned with levy of penalty u/s 271-C for which it is necessary to establish that .....

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Company Ltd. reported in [2004 (5) TMI 17 - DELHI High Court] wherein held as reasonable cause as shown by the assessee-company has not been properly appreciated and deliberated by the lower authorities penalty cannot be confirmed . Thus allow the as .....

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ria, Adv., Ms. Mukti Chaudhary, Adv., Mr. Jitin Singhal, Adv., Mr. Rupesh Kumar, Adv., Ms. Anil Katiyar, Adv. And Mr. B. V. Balaram Das,Adv. For the Respondent : Mr. Jagjit Singh Chhabra,Adv. And Mr. Saksham Maheshwari, Adv. ORDER KURIAN, J. 1. The s .....

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alty. 2. The matter was pursued by the Revenue before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal vide order dated 31.03.2006 entered the following findings: 11..We have carefully considered the rival submissions. In the inst .....

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levy of penalty u/s 271-C for which it is necessary to establish that there was contumacious conduct on the part of the assessee. We find that on similar facts Hon'ble Delhi High Court have deleted levy of penalty u/s 271-C in the cae of M/s. Ito .....

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