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2016 (1) TMI 583 - SUPREME COURT

2016 (1) TMI 583 - SUPREME COURT - [2016] 380 ITR 550 - 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 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. Itochu Corporation (2 .....

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Petitioner : Mr. Pritish Kapoor, Adv., Ms. Shirin Khajuria, 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 short issue pertains to the assessment of penalty under Section 271-C of the Income Tax Act, 1961. Against the order of Assessing Officer, the respondent took up the matter in appeal and the Comm .....

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