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2015 (12) TMI 1175 - ITAT HYDERABADLevy of penalty u/s 221 - Delay in the remittance of TDS to the Government (TDS) Account - Held that:- In the instant case, in these appeals, the plea of the assessee all along was there was a genuine cash crunch because of the fact that most of the payments were received under several schemes after a gap of two to six months, whereas the assessee has to make some urgent payments for the purpose of running its day-to day business on account of which the assessee could not have sufficient liquid cash to make the payment, which is evident from the fact that all the three bank accounts of the assessee together had a total cash balance of ₹ 6 lakhs only. These facts were not disputed by the Learned Departmental Representative. In other words, the explanation of the assessee that on account of cash crunch, remittance of TDS into Government account could not be made has not been rebutted. Under these circumstances, we do not find any infirmity in the order passed by the learned CIT(A). We therefore, uphold the same and dismiss these appeals of the Revenue - Decided in favour of assessee
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