No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees have undertaken foreign travel by availing LTC facility. The exemption granted u/s 10(5) of the Act was available only to travel undertaken within India. It was noticed that the assessee herein has extended exemption u/s 10(5) of the Act in respect of travel undertaken by the employees to for...