Case Law Details
Case Name : Canara Bank Vs The Income Tax Officer(TDS) (ITAT Chandigarh)
Related Assessment Year : 2006- 07 & 2009- 10
Courts :
All ITAT ITAT Chandigarh
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The provisions of Penalty levied u/s 272B of Income Tax Act, 1961 are prospective i.e. it is applicable from the date of insertion of sub-clause (iv) to section 139A(5B) of the Act i.e. 01.06.2006.
Held:
The assessee had filed e-TDS quarterly statement on 31.8.2005, in which PAN numbers of 19 deductees were found to be invalid and consequently the Assessing Officer levied penalty at Rs.1,19,000/- under section 272B of
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