No penalty on distributing gifts without tax deduction due to bona-fide belief that they weren’t in nature of salaries

May 1, 2015[2015] 56 taxmann.com 334 (Gujarat)

IT: Where assessee-corporation acted under bona fide belief that gift coupons being in nature of mementos to commemorate conferment of
awards to assessee, were not in nature of salary liable to TDS, penalty for short deduction of tax in respect of gift was not justified