No Penalty Under S.271C of Income Tax Act for Delay in remittance of TDS

Hon’ble Supreme Court in its recent ruling1 held that the provisions of S. 271C of the Income tax Act, 1961 (‘ITA’) will not be applicable when there is delay in remittance of the TDS which is already deducted by the assessee.

no penalty will be leviable under S. 271C

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