Penalty u/s 271C can be levied for non-deduction of TDS and not for delayed deduction of TDS

ITO Vs. M/s Liver Foundation (ITAT Kolkata) The penalty was levied by the AO u/s 271C of the Act on the ground that the assessee failed to deduct the TDS under the provisions of section 194J and 194C of the Act. However, the Ld CIT(A) reversed the order of AO by observing that the assessee has deposited the amount of TDS in the account of Government Exchequer with the delay of few months, therefore there was no default on the part of the assessee under the provisions of TDS. From the above discussion, it is clear that the assessee has deposited the amount of TDS with the delay of few months. ...