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2015 (10) TMI 1411 - ITAT MUMBAI

2015 (10) TMI 1411 - ITAT MUMBAI - [2015] 40 ITR (Trib) 691 (ITAT [Mum]) - Penalty under section 221(1) - delay in making payment of self-assessment tax - Commissioner of Income-tax (Appeals) observed that the assessee was having meagre cash and current balances and the assessee was in financial constraints during the year under consideration thus cancelled penalty - Held that:- Though several grounds were raised before us, the learned Departmental representative was unable to point out as to wh .....

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ld the orders passed by the learned Commissioner of Income-tax (Appeals) and dismiss the appeals filed by the Revenue. - Decided in favour of assessee. - ITA Nos. 6440&6441/Mum/2013 - Dated:- 25-3-2015 - Shri D. Manmohan and Shri Sanjay Arora, JJ. For the Appellant : Shri Asghar Zain For the Respondent: Shri Harshavardhana Datar ORDER D. Manmohan (Vice-President).- These two appeals, filed by the Revenue, are directed against the identical but separate orders passed by the Commissioner of Income .....

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also stated that substantial funds have been diverted to related concerns and hence it is not a case of financial crunch. He, accordingly levied penalty under section 221(1) of the Act. 4. Aggrieved, the assessee contended before the Commissioner of Income-tax (Appeals) that there was sufficient cause for non-payment of self-assessment tax and in support thereof he furnished a chart to highlight that the assessee was running the business mostly on borrowed funds and operating cash/bank balances .....

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