S. 201 Income Tax Act is not to punish or Prosecute Assessee for his lapses for TDS Responsibilities: ITAT grants relief to ICICI Securities [Read Order]

By Kalyani B. Nair - On December 22, 2022 3:51 pm - 2 mins read

Income Tax Act - punish or Prosecute - TDS Responsibilities - TDS - ITAT - Income Tax - ICICI Securities - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), rued that Section 201 Income Tax Act, 1961 is not to punish or prosecute assessee for his lapses for TDS responsibilities, thereby granting relief to ICICI Securities Ltd. The assessee, ICICI Securities Limited sold 15,39,100 shares of Ranbaxy, held by the ICICI Bank on behalf…

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