Penalty U/s. 271(1)(c) cannot be imposed for non deduction of TDS

Netambit Value First Services (P) Ltd. Vs DCIT (ITAT Delhi) Merely because assessee-company had claimed deduction of expenditure without deducting TDS on As it was not in dispute that payment of interest to bank/NBFC was genuine, it was not the case of furnishing of inaccurate particulars of income. Merely because assessee-company had claimed deduction of expenditure without deducting TDS on interest payment, which was not accepted by Revenue, by itself, would not attract the levy of penalty. The A.O. did not initiate the penalty proceedings for concealment of income. Explanation-1 to Section ...