2004 (8) TMI 77

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..... ound that the assessee was not required to deduct any tax at source under section 194A of the Act as in none of the cases, interest payable exceeded Rs. 10,000 and, thus, even Form No. 15H was not required to be filed - It is clear that the default in the present case is merely of technical or venial in nature – Held that no penalty under section 272A(2)(f) of the Act was leviable. - - - - - Date .....

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..... e under section 194A of the Act as in none of the cases, interest payable exceeded Rs. 10,000 and, thus, even Form No. 15H was not required to be filed. The Tribunal also noticed that even the departmental representative admitted that there was no loss of revenue involved in the matter. The Tribunal, therefore, held that since the assessee was neither required to deduct tax at source nor any loss .....

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..... 72] 83 ITR 26 clearly apply: "An order imposing penalty for failure to carry out a statutory obligation is the result of a quasi-criminal proceeding, and penalty will not ordinarily be imposed unless the party obliged, either acted deliberately in defiance of law or was guilty of conduct contumacious or dishonest, or acted in conscious disregard of its obligation. Penalty will not also be impose .....

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