Penalty can not be imposed u/s. 272A(2)(c) for delay in filing of quarterly returns of TDS

RELEVANT PARAGRAPH 7.We have heard the rival submissions and carefully perused the record. Admittedly tax was deducted at source and payment was made/ deposited within the time provided under the Act and the returns under Form 26Q as well as 24Q were filed with a marginal delay, reckoned from the due date for filing the regular returns as per the old provisions of the Act. It is also not in dispute that for the immediately preceding year also there was a delay in filing the quarterly statements but the Assessing Officer has not initiated penalty proceedings. 8. Section 273B of the Act provides...