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2021 (5) TMI 796 - AT - Income TaxPenalty proceedings u/s. 221(1) - default as per Section 220 - Assessee company filed Return of Income without paying self-assessment tax u/s.140A - HELD THAT:- Assessee during the course of hearing stated that the assessee was in financial constraint whereas the business activity carried on by the assessee whole year and Return of Income having been filed much after the end of the year. But the AR of the assessee could not explain fund availability position on the due date of payment of advance tax as well as on the date of self-assessment tax i.e. date of filing of return. We also observe form the order of the authorities below, the assessment was completed u/s. 144 by rejecting the books of accounts of the assessee which clearly shows that the intention of the assessee was not in favour of the revenue for the payment of tax. It clearly shows that the assessee was not paying the taxes within the stipulated time. Hence the Assessing Officer has rightly imposed the penalty u/s. 221(1) of the Income Tax Act after considering that the assessee is in default for payment of tax. We did not find any substance on the submission of the Authorised Representative. The case laws (supra) relied on by the learned Authorised Representative are distinguishable on the facts of the present case on hand. As per our considered opinion, the CIT(A) has rightly confirmed the order of the Assessing Officer for imposing penalty u/s. 221(1) - Decided against assessee.
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