TaxTMI 
TaxTMI 
2016 (6) TMI 1384
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....IT(Appeals) Patiala, dated 28.01.2016 for assessment year 2011-12 and 2012-13 challenging the cancellation of penalty under section 271CA of the Income Tax Act. 2. Briefly the facts of the case are that assessee is individual and is running the business of purchase and sale of old iron scrap. Though on purchase of this scrap, tax was being collected by the parties from whom the assessee deductor....
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.... CIT(Appeals) did not accept contention of the assessee with regard to the fact that above provisions are not applicable, therefore, ld. CIT(Appeals) found that assessee deals in scrap under section 206 of the Income Tax Act. However, finding reasonable cause in favour of the assessee, cancelled the penalty. 5. After hearing rival contentions, I am of the view the issue is identical as have been....
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.... has been raised by the Assessing Officer and only interest has been charged. It is, therefore, clearly established that Revenue Department has not treated the assessee as assessee in default as far as TCS is concerned. The ld. CIT(Appeals) was, therefore, justified in following decision of Banglore Bench in the case of Wipro GE Medical Systems Ltd. in which the Tribunal has considered reasonable ....
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....ailure to comply with provisions of law. Since, there is no demand arises against the assessee and all taxes have been paid and no loss to revenue have been caused, therefore, it is not a fit case for levy of penalty against the assessee. Hon'ble Delhi High Court in the case of Woodward Governor India P.Ltd.Vs CIT 253 ITR 745 held as under: "Levy of penalty under section 271C of the Income ....