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DCIT - 10 (2) Mumbai Versus M/s. Aanjaneya Life Care Ltd.

2015 (10) TMI 1411 - ITAT MUMBAI

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 .....

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demand. The learned Departmental representative also could not point out as to whether any funds were diverted for non-business purposes at the relevant point of time so as to say that an artificial financial scarcity was created by the assessee. In .....

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d 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 .....

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etermined 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 Assessing Officer, in response to which it was submitted that due to the fina .....

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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 se .....

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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 lea .....

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conclusion that if there is financial hardship to the assessee it has to be considered as sufficient cause in which event penalty cannot be levied. He thus cancelled the penalty levied by the Assessing Officer. 6. Aggrieved, the Revenue preferred an .....

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