No penalty under 271C for belated remittance of TDS after deduction: SC ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 43
The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS. It said as per settled position of law, the penal provisions are required to be construed strictly and literally and as per the cardinal principle of interpretation of statute and more particularly, the penal provision, "the penal provisions are required to be read as they are." "Nothing is to be added or nothing is to be taken out of the penal provision. Therefore, on plain reading o

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