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2018 (3) TMI 1203 - AT - Income TaxPenal provisions u/s 272A(2)(k) - delay in filing of the statement of tax-deducted at source within the prescribed time limit - Held that:- Taxes have been paid in time and the technological system was new in those years i.e. FY 2009-10, we are inclined to hold that the assessee has shown bona-fide cause and in the circumstances we are of the considered view that penalty is not exigible on the assessee and we hereby order for the deletion of the penalty of ₹ 99,200/- levied by the AO for all the four quarters of financial year 2009-10. We hold that the assessee has shown bonafide cause as is contemplated u/s 273B of the 1961 Act and under the factual matrix of the case the penalty of ₹ 99,200/- levied u/s 272A(2)(k) is hereby ordered to be deleted. The assessee succeeds in this appeal.
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