Section 271C penalty cannot be levied for mere delayed payment of TDS  

US Technologies International Pvt Ltd Vs CIT (Supreme court of India) Section 201(1A) provides that in case a tax has been deducted at source but the same is subsequently remitted may be belatedly or after some days, such a person is liable to pay the interest as provided under Section 201(1A) of the Act. The levy of interest under Section 201(1A) thus can be said to be compensatory in nature on belated remittance of the TDS after deducting the same. Therefore, consequences of non­payment/belated remittance/payment of the TDS are specifically provided under Section 201(1A). Similarly, Section...