9911796707
TMI Blog2015 (10) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... parte qua the Assessee and on the basis of material available on record. 3. Before us, at the outset the ld. D.R. submitted that though the appeals of Assessee relate to 4 assessment years but the facts and circumstances of all the cases are similar except for the assessment years and amounts and the submissions are also common for all the appeals and therefore all the appeals can be heard together. We therefore proceed to dispose of all the appeals together for the sake of convenience and thus proceed with the facts in A.Y. 2003-04. 4. The relevant facts as culled out from the material on record are as under. 5. Assessee is a Co-operative Bank. In this case, ITO TDS (1), Surat noticed that Assessee had made payment of MICR charges to S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re us and has raised the following grounds:- 1. That the Learned C.I.T., Appeals-I, Surat has grievously erred in confirming the penalty levied by the J.C.I.T.- TDS Range, Surat under section 271C amounting to Rs. 7,287/-. 7. Before us, ld. D.R. supported the order of A.O and ld. CIT(A). 8. We have heard the ld. D.R. and perused the material on record. The issue in the present case is about the levy of penalty u/s. 271C on account of non deduction of TDS u/s. 194J on the MICR charges paid by the Assessee to State Bank of India. We find that a similar issue in the case of Prime Co.- Op. Bank Ltd. vs. JCIT (in ITA No. 2040 to 2043/A/2011 order dated 09.01.2015) was decided by the Tribunal in favour of the Assessee. The relevant portion of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to do so. The cause shown has to be considered and only if it is found to be frivolous, without substance or foundation would the prescribed consequences follow. 10. In the case of Muthoot Bankers (supra), the co-ordinate Bench of Tribunal has held that when payment is disclosed in the return, there is no concealment of facts and further when recipients have shown the receipts in the returns and had paid taxes thereon, there was no loss to the Government and therefore penalty cannot be levied. 11. In the case of ITO vs. Dishergarh Power Supply Company Ltd. (supra) , the co-ordinate Bench of Tribunal has held that penalty u/s/ 271C is not an automatic consequence of non deduction or short deduction of tax at source and penalty cannot be im ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
