2015 (10) TMI 1411

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..... sident).- These two appeals, filed by the Revenue, are directed against the identical but separate orders passed by the Commissioner of Income-tax (Appeals)-21, Mumbai. 2. Admitted facts are that though the assessee determined the self-assessment tax it did not make the payment within the stipulated period and hence notice under section 221 of the Income-tax Act, 1961, was issued by the Assessin .....

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..... to make tax payment. If the taxes are to be paid on the borrowed funds the business would be irretrievably affected and hence the explanation has to be considered in the backdrop of the circumstances of the case. 5. Having regard to the circumstances of the case the learned Commissioner of Income-tax (Appeals) observed that the assessee was having meagre cash and current balances and the assesse .....

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..... ty was created by the assessee. In the absence of any relevant material on record we are unable to find any infirmity in the order passed by the learned Commissioner of Income-tax (Appeals). We, therefore, uphold the orders passed by the learned Commissioner of Income-tax (Appeals) and dismiss the appeals filed by the Revenue. The order pronounced in the open court on the 25th March, 2015.
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