Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 1 - AT - Income TaxDeletion of penalty u/s 140A(3) of the Act – Self assessment tax not paid – Assessee took a contention that due to losses, no funds was available to make the payment - Held that:- As per the order/intimation made u/s 143(1) the due date of filing of return for A.Y. 2006-07 was 31.12.2006 - the return was filed on 29th of March, 2007 - assessee has furnished a balance sheet drawn as on 31st of December, 2006 and demonstrated that there was heavy losses incurred in share trading - There was heavy current liabilities against the investment in shares – Relying upon Safari Mercantile (P) Ltd. Vs. ACIT [2008 (3) TMI 510 - ITAT MUMBAI] - the assessee has satisfied that there was a good and sufficient reason for the default – thus, no penalty should be levied especially, when the assessee has later on deposited the entire amount – thus, the order of the CIT(A) upheld – Decided against Revenue.
|