SC: Stays prosecution against Reliance for TDS default, considers voluntary payment

Dec 08,2015

SC stays Bombay HC finding regarding launching of prosecution against Reliance Industries Ltd. ('assessee'); HC had upheld levy of penalty u/s 221 for delay in depositing TDS and had observed that assessee would be liable for prosecution u/s 276B; SC notes that assessee deposited tax alongwith interest voluntarily before issuance of notice of demand u/s 201 and there was no deliberate intention on part of assessee in withholding payment; SC also notes that assesse...

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