Payments on ‘Transactional Charges’ not covered u/s 194J(1)(ba) of Income Tax Act: ITAT deletes Penalty [Read Order]

It was observed that Section 271C of the Income Tax Act lays down the law relating to the penalty that should be imposed by the Income Tax Department for failure to deduct TDS or remit TDS before the applicable due date
By Yogitha S. Yogesh - On June 4, 2024 1:50 pm - 2 mins read
Income Tax Act - ITAT delhi - Penalty - Transactional Charges - u/s 194J(1)(ba) of Income Tax Act - CIT(A) - taxscan

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty order passed by the Commissioner of Income Tax  ( Appeal ) ( CIT(A) ) under section 271C. of the Income Tax Act, 1961 and observed that the payments on account of ‘transactional charges’ to be not covered by section…

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