Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 1429 - ITAT MUMBAIPenalty u/s 221(1) - default in payment of tax / advance tax u/s 140A - HELD THAT:- Assessee despite being in financial doldrums and drained of funds, however made good its commitment with the A.O of depositing the outstanding dues alongwith interest within a period of 15 days, and after arranging borrowed funds with great difficulty, which we can realize by having a glance at its over availed OD A/c No. 003431909 with Bank of India, Yari Road branch, Mumbai, and other documents produced by him, which reveals beyond any scope of doubt his poor state of financial health on the relevant date, i.e 14.10.2010, had deposited the amount aggregating to ₹ 1,23,54,131/- (supra). We thus keeping in view the aforesaid facts as well as not loosing sight of the fact that the assessee had never defaulted as regards depositing of the taxes in the past, are thus of the considered view that no penalty u/s 221(1) was liable to be levied on the assessee under Sec. 221(1). Thus we herein set aside the order of the CIT(A) and delete the penalty which had been imposed by the A.O u/s 221(1) and thereafter sustained by the CIT(A). - Decided in favour of assessee.
|