PANKAJ MITHAL, UMESH CHANDRA TRIPATHI,J. - (1.) In all these appeals a common order of the Income Tax Appellate Tribunal dated 8.1.2016 has been challenged in so far as the tribunal has deleted the penalty imposed under Section 271 C of the Income Tax Act, 1961 (hereinafter referred to as the Act).
(2.) The only substantial question of law which has been raised in these appeals is whether the tribunal is justified in reversing the order of the CIT (Appeals) confirming the levy of penalty imposed under Section 271 C of the Act upon the assessee for the failure to deduct tax at source.
(3.) The respondent assessee is a Bank. It was having fixed deposits of the NOIDA. On the interest earned on those fixed deposits it failed to deduct tax at source. Thus, penalty was imposed under Section 271 C of the Act.;