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Punjab National Bank Versus Joint Commissioner of Income-Tax (TDS)

Levy of penalty under section 272A(2)(k) - TDS return not filed within time - Held that:- The assessee explained that since most of the clients of the assessee -bank did not intimate permanent account number on time, therefore, TDS return could not be filed as per rule which provides that 70 per cent. to 85 per cent. permanent account numbers should be quoted in the e-return for filing the TDS return. Therefore, there appears reasonable cause in favour of the assessee for failure to file TDS ret .....

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hus, no penalty is leviable after July 1, 2012, as is specified in the second proviso to the aforesaid section.

Since the levy of penalty is not mandatory in each and every case and depends upon facts of the case, therefore, considering the explanation of the assessee in the light of above order in the case of State Bank of Bikaner and Jaipur (2015 (10) TMI 1396 - ITAT CHANDIGARH) and reasonable cause in favour of the assessee, we set aside the orders of authorities below and cancel t .....

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section 272A(2)(k) of the Income-tax Act, 1961. 2. Briefly the facts of the case are that the Assessing Officer noted that the assessee had not filed quarterly return of TDS in Form 26Q as required under section 200(3)/206 of the Income-tax Act in respect of the financial year 2007-08. Further, the Assessing Officer issued show-cause notice as to why penalty under the above provisions may not be imposed. The assessee filed a reply but the Assessing Officer was not satisfied with the contention o .....

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tomers and to file return of TDS according to section 206 of the Income-tax Act within the time allowed. The assessee has duly complied with the statutory requirement of deducting and depositing the tax due on or before the due date but the assessee was prevented by sufficient cause in not filing the return of TDS within the time specified under section 200(3) of Income-tax Act. The explanation is not doubted by the Assessing Officer and penalty was imposed for not filing the TDS return within t .....

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be accepted unless 70 per cent. of the permanent account number of deductees have been filed. The assessee did not receive permanent account number of major depositors. Further, the Ministry of Finance, later on, directed that the threshold limit for quoting the permanent account number without which e-return will not be accepted, was increased from 70 per cent. to 85 per cent. The branch of the assessee is located in semi-rural area in Malerkotla which is not very developed city and most of the .....

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e contention of the assessee and observed that penalty is leviable if the assessee failed to deliver the statement within the specified time under section 200(3) or the proviso to section 206(3) of the Act. The learned Commissioner of Income-tax (Appeals), accordingly, confirmed the penalty and dismissed the appeal of the assessee. 4. After considering the rival submissions, we are of the view penalty is not leviable in the facts and circumstances of the case. It is not in dispute that the asses .....

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he e-return for filing the TDS return. Therefore, there appears reasonable cause in favour of the assessee for failure to file TDS return within time. It may also be noted here that penalty order has been passed on September 25, 2012, and, according to the second proviso to section272A(2), no penalty shall be levied under this section for failure referred to in clause (k), if such failure relates to a statement referred to in section 200(3) or the proviso to section 206C(3) which is to be delive .....

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se in favour of the assessee. The findings of this order in paragraphs 6 to 8 are reproduced as under (page 537) : "We have considered the rival submissions and the material available on record. In this case, the Assessing Officer noted that the assessee has failed to file e-TDS returns for the first and second quarter with a delay of 252 days and 160 days, however, the amount of TDS has been paid by the assessee which is noted in the penalty order. The assessee has contended before the lea .....

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asonable cause for the said failure. In this case, the assessee explained that there was a reasonable cause for failure to comply with the above requirement because it was not aware of the fact that return was to be filed at the branch level. It is admitted fact that the TDS amount was deducted on time and paid to the Revenue Department and the necessary return was also filed later on, therefore, no loss of revenue had occurred on account of late filing of the return. Thus, the penalty was merel .....

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h rule 31 of the Income-tax Rules, 1962, it was required to issue tax deduction certificate in Form No. 16A to the said parties within the prescribed time. However, the said forms were issued late. The assessee was a branch of a Government of India undertaking having thousands of employees. It had to issue tax deduction certificates not only in respect of payments to eight contractors but also to its employee and creditors in respect of tax deducted out of salary as well as interest. The assesse .....

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