TDS certificate belatedly under a bona fide belief that a consolidated TDS certificate was to be issued to deductees after closing of relevant financial year, no penalty was to be levied

IT : For issuing TDS certificate belatedly under a bona fide belief that a consolidated TDS certificate was to be issued to deductees after closing of relevant financial year, no penalty was to be levied
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[2014] 51 taxmann.com 247 (Gujarat)
HIGH COURT OF GUJARAT
Commissioner of Income-tax (TDS)
v.
Excel Industries Ltd.*
MS. HARSHA DEVANI AND MS. SONIA GOKANI, JJ.
TAX APPEAL NOS. 931 & 932 OF 2014†
SEPTEMBER  8, 2014
Section 203, read with section 272, of the Income-tax Act, 1961 and rule 31 of the Income-tax Rules, 1962 - Deduction of tax at source - Certificate for tax deducted (Penalty u/s 272A)- Assessee, a deductor, was not aware of amendments made in Rule 31 - He, following old provision, was under a bona fide belief that a consolidated TDS certificate was to be issued to deductees after closing of relevant financial year - Whether impugned penalty order passed under section 272A(2)(g) for late issuance of TDS certificate was to be set aside - Held, yes [Para 7] [In favour of assessee]