Penalty Not Justified for Delayed TDS Deposit When Reasonable Cause Proven: ITAT Delhi

DCIT Vs PCI Limited (ITAT Delhi) After Compounding & Interest, No Justification for Penalty- Reasonable Cause Saves the Day: ITAT Deletes 272A(2)(g) Penalty; Technical Delay, Heavy Compounding Already Paid—ITAT Says No to Additional Penalty Tribunal dismissed the Revenue’s appeal against CIT(A)’s order deleting penalty levied on PCI Ltd u/s 272A(2)(g) for delay in issuing TDS certificates. AO had imposed penalty despite the fact that Assessee had already deposited late TDS, paid interest & had undergone compounding proceedings, including payment of compounding charges of Rs.84.39...