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2015 (10) TMI 1411 - ITAT MUMBAIPenalty under section 221(1) - delay in making payment of self-assessment tax - Commissioner of Income-tax (Appeals) observed that the assessee was having meagre cash and current balances and the assessee was in financial constraints during the year under consideration thus cancelled penalty - Held that:- Though several grounds were raised before us, the learned Departmental representative was unable to point out as to whether the assessee had sufficient cash/ bank balance so as to meet the tax demand. The learned Departmental representative also could not point out as to whether any funds were diverted for non-business purposes at the relevant point of time so as to say that an artificial financial scarcity was created by the assessee. In the absence of any relevant material on record we are unable to find any infirmity in the order passed by the learned Commissioner of Income-tax (Appeals). We, therefore, uphold the orders passed by the learned Commissioner of Income-tax (Appeals) and dismiss the appeals filed by the Revenue. - Decided in favour of assessee.
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