2008 (7) TMI 6

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..... have been preferred against the common order of the Tribunal passed on 03.08.2007.  The only issue sought to be raised by the revenue in these appeals is with regard to the question of penalty under Section 272A (2) (g) of the Income Tax Act, 1961 (hereinafter referred to as the "said Act"). According to the learned counsel for the revenue the levy of such penalty by the Assessing Officer oug .....

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..... by there was no question of imposing penalty under Section 221 of the said Act. The Tribunal took the view that if on the basis of the explanation of the assessee the Tribunal has already held the assessee not to be in default under Section 201 (1) of the said Act, then on the basis of the same explanation the assessee cannot be held to be in default, inter alia, under Section 272A (2) (g) of the .....

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..... osing a penalty on the assesee even under Section 272A (2) (g) of the said Act. 3.   We have also examined Form 16-A, which is a form in which the TDS certificate is to be issued in terms of Rule 31 (1) (b) of the Income Tax Rules, 1962. It is apparent from an examination of the said form that the TDS certificate can only be issued after the TDS amount is deposited with the Central Gove .....

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