2007 (1) TMI 638

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..... levant for the assessment year 1998-99. 2. The assessee had deducted tax at source but had issued the TDS certificate late. On this basis, the revenue sought to impose a penalty upon the assessee under the provisions of section 272A(2)(g) of the Income-tax Act, 1961. 3. The Tribunal relied upon a decision of the Supreme Court in the case of Hindustan Steel Ltd. v. State of Orissa [1972] 83 I .....

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..... impose penalty, when there is a technical or venial breach of the provisions of the Act or where the breach flows from a bona fide belief that the offender is not liable to act in the manner prescribed by the statute.... (p. 29) 4. The revenue is seeking to levy penalty on the assessee only because it has the power to do so. It has refused to exercise its discretion which it should have, as he .....

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