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2017 (3) TMI 1735 - AT - Income TaxPenalty u/s 272A(2)(k) - Filing quarterly TDS returns in Form No. 24Q and 26Q with huge delay - acute shortage of funds with assessee - reasonable cause of delay - Held that:- We find that the assessee has been facing acute shortage of funds even for payment of salary and other charges. Hence it had contributed to the delayed remittance of TDS. As stated by assessee that even the TDS portion of ₹ 4,265/- was remitted on 4.3.2011 by the sister concern of the assessee M/s Arunachal Plywood Industries Ltd in support of which he placed on record the bank statements of the said company. We find lot of force in the argument of the ld AR that the TDS returns could be electronically filed only after remittance of the requisite tax and interest thereon. Since the assessee had remitted the TDS portion itself belatedly by requesting the sister concern to make payment thereon and by mobilizing its own resources , it had eventually led to the belated filing of TDS returns. Hence this itself would, in our considered opinion, constitute reasonable cause u/s 273B of th Act. Hence assessee should not be invited with penalty for mere technical venial breach - decided in favour of assessee
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