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Central Government Act
Section 201(1) in The Income- Tax Act, 1995
(1) If any such person and in the cases referred to in section 194, the principal officer and the company of which he is the principal officer does not deduct or after deducting fails to pay the tax as required by or under this Act, he or it shall, without prejudice to any other consequences which he or it may incur, be deemed to be an assessee in default in respect of the tax: Provided that no penalty shall be charged under section 221 from such person, principal officer or company unless the 14 Assessing] Officer is satisfied that such person or principal officer or company, as the case may be, has 15 without good and sufficient reasons] failed to deduct and pay the tax.