AO imposed penalty for non deduction of TDS in respect of purchase of two properties . The Assessee furnished documents in support of fact that recipients/payees had duly reflected sale consideration in their respective returns of income and also paid taxes thereon. Tribunal deleted the penalty as there was a bona fide mistake on part of assessee in not deducting taxes at source at time of purchase of property.(AY. 2016-17)
Arrone Ceramic v. JCIT (2023) 203 ITD 123 (Rajkot) (Trib)
S.271C: Penalty- Failure to deduct at source- Purchased two immovable properties-Bonafide mistake – Furnished documents in support that the recipients /payee had shown the sale consideration in their respective returns of income and paid taxes- Penalty levied is deleted .[ S. [S.194IA , 201]