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2016 (2) TMI 1079 - AT - Income TaxPenalty imposed u/s. 272A(2)(k) - late filing of TDS returns - reasons for delay - Held that:- The tax was deducted and deposited on receipt of payment and TDS returns were filed after deposit of taxes. Section 200(3) of the Income-tax Act provided that any person deducting any sum shall after paying the tax deducted to the credit of Central Government shall prepare statements for such period as may be prescribed and deliver to the prescribed income-tax authority. Provision of Section 272A(2)(k) of the Act provides for imposition of penalty for failure to deliver copy of statement within time specified in subsection (3) of Section 200 of ₹ 100/- for every day. These sections also clearly lay down that the filing of quarterly statements is consequential to payment of taxes. The delayed payment of taxes itself is the reasonable cause for late filing of quarterly statement and hence the assessee is not exigible to the levy of penalty. When the assessee is paid the tax with interest and the TDS statements are already filed though belatedly, there is no loss to the Revenue, as held by Hon’ble Gujarat High Court in the case of Harsiddh Construction Pvt Ltd vs. CIT, (1999 (12) TMI 30 - GUJARAT High Court ). - Decided in favour of assessee.
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