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2018 (7) TMI 1315 - AT - Income TaxPenalty u/s 272A(2)(k) - assessee did not file the quarterly statements in Form 26Q within the prescribed time - assessee has pleaded before the Ld. CIT (A) that the delay was due to severe financial crisis which the assessee was facing - Held that:- As seen that the CIT (A) has not considered this submission of the assessee and has upheld the penalty on the ground that even the tax deducted at source was not deposited in time. However, it is our considered opinion severe financial crisis is a reasonable cause which would have prevented the assessee from depositing the TDS within the prescribed time period. The explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B and hence the assessee would be entitled to immunity from the levy of penalty u/s 272A(2)(k). Set aside the impugned orders and direct the AO to delete the penalty. - Decided in favour of assessee.
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