ITAT Deletes Section 234E Fee as No Machinery Provision Existed Before 1 June 2015

Shantilal Vs ITO (ITAT Chennai) The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeals filed by the assessee and held that the levy of late fee under Section 234E of the Income Tax Act for periods prior to 01.06.2015 was unsustainable in law. The Tribunal also held that the Commissioner of Income Tax (Appeals) [CIT(A)] erred in dismissing the appeals as time-barred. The assessee, an individual engaged in the retail business of electronic products, had filed TDS statements for various quarters pertaining to Assessment Years 2014-15 and 2015-16 belatedly. These TDS sta...