No section 271C penalty for TDS Non-Deduction if Form 15G & 15H submitted

Unity Dye Chem Pvt. Ltd. Sokhada Vs CIT (ITAT Ahmedabad) Introduction: The case of “Unity Dye Chem Pvt. Ltd. vs CIT” involves an appeal to the ITAT Ahmedabad against the imposition of a penalty under section 271C for non-deduction of TDS. The key contention is whether the submission of Form 15G and 15H can exempt the assessee from the penalty. Analysis: The appellant was penalized under section 271C for not deducting TDS on interest payments to certain parties. However, the appellant argued that they had received Form 15G and 15H from these parties, declaring their income as non-ta...