Penalty u/s 271(1)(c) not leviable as tax assessed is equal to TDS deducted

Karnail Singh Vs JCIT (ITAT Chandigarh)

ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act.

Facts- The assessee has booked certain units in M/s Omaxe Ltd. Novelty Mall, Amritsar. The assessee has made payment of 95% of the basic sale price at the time of booking the said units and has been provisionally allotted these units and in lieu of 95% paym

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