Penalty u/s 271C not maintainable in absence of contumacious conduct by assessee – SC

Brief of the Case Supreme Court held In the case of CIT vs. Bank of Nova Scotia that there is no substantial question of law, the facts and law having properly and correctly been assessed and approached by the CIT (A) as well as by the ITAT that for levy of penalty u/s 271C, it is necessary to establish that there was contumacious conduct on the part of the assessee. Hence, penalty u/s 271C is not maintainable. Facts of the Case The issue pertains to the assessment of penalty under Section 271C which imposed for failure to deduct tax at source. Against the order of Assessing Officer, the pet...