No Penalty u/s 271C for Late Deposit of TDS Already Deducted

Grindly Gases & Petrochemicals P. Ltd. Vs JCIT (ITAT Ahmedabad) No Penalty u/s 271C for Late Deposit of TDS Already Deducted: ITAT Ahmedabad Remands 271C Penalty – To Verify If TDS Was Deducted or Not The assessee, Grindly Gases & Petrochemicals Pvt Ltd, was penalised u/s 271C for failure to deduct TDS of ₹4,25,157/- on interest payments of ₹42,51,571/- made to Techtonic Motors Pvt Ltd during FY 2015-16. An order u/ss 201(1)/201(1A) treating assessee as “assessee-in-default” was passed on 04.08.2021, followed by penalty proceedings. Despite notices u/s 274, assessee did not ...