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2014 (5) TMI 1 - AT - Income TaxDeletion of penalty u/s 140A(3) of the Act Self assessment tax not paid Assessee took a contention that due to losses, no funds was available to make the payment - Held that:- As per the order/intimation made u/s 143(1) the due date of filing of return for A.Y. 2006-07 was 31.12.2006 - the return was filed on 29th of March, 2007 - assessee has furnished a balance sheet drawn as on 31st of December, 2006 and demonstrated that there was heavy losses incurred in share trading - There was heavy current liabilities against the investment in shares Relying upon Safari Mercantile (P) Ltd. Vs. ACIT [2008 (3) TMI 510 - ITAT MUMBAI] - the assessee has satisfied that there was a good and sufficient reason for the default thus, no penalty should be levied especially, when the assessee has later on deposited the entire amount thus, the order of the CIT(A) upheld Decided against Revenue.
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