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IKF Finance Ltd. Versus DCIT, Circle-2 (1) , Vijayawada

2016 (6) TMI 800 - ITAT VISAKHAPATNAM

Levy of penalty u/s 221(1) - default in payment of tax - Held that:- We find that the assessee filed the return of income. However, on the date of return of income filed, the admitted tax is not paid. Subsequently, within a month, assessee has paid almost all the amounts which are payable on the date of the filing of the return of income. The A.O. was of the opinion that the assessee has violated the provisions of section 221(1) of the Act and accordingly levied the penalty at 100% of tax payabl .....

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of tax voluntarily. Under these above facts and circumstances of the case, it is not a fit case to impose penalty u/s 221(1) of the Act. - Decided in favour of assessee - I.T.A. No. 533/Vizag/2014 - Dated:- 6-5-2016 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member For the Appellant : Shri G.V.N. Hari, AR For the Respondent : Shri Govinda Rajan, DR ORDER Per V. Durga Rao, Judicial Member This appeal filed by the assessee is directed against the order of CIT(A), Vija .....

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12 respectively leaving a balance of ₹ 4,73,950/-. Hence, the A.O. has issued a notice to the assessee u/s 221(1) r.w.s. 140A(3) of the Income Tax Act, 1961 (hereinafter called as the Act ) dated 25.10.2012 proposing levy of penalty u/s 221(1) of the Act. The assessee paid the balance amount of ₹ 4,73,950/- on 29.10.2012 and requested the A.O. to drop the penalty proceedings. However, the A.O. did not accept the assessee s explanation and passed the penalty order by levying a penalty .....

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t, 1961 dated 25.10.2012 received on 30.10.2012 together with our explanation letter dated 30.10.2012 submitted in this regard are enclosed. The Form No.26AS downloaded from the website where from the tax payments can be verified. In this regard, we submit that we have paid of the complete self assessment tax due ₹ 1,14,73,950/- even before the notice u/s 221(1) has been received by us on 30.10.2012 and within one month after filing the return of income on 29.9.2012 for the Asst year 2012- .....

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nt it may be noticed that soon after accumulati8on of funds we have made weekly payments towards self assessment tax without any delay and cleared the total liability of ₹ 1,14,73,950/- within a month after filing the ROI. 3. For the Asst. Year 2012-13 we have paid the total tax of ₹ 3,06,18,430/- out of which we have paid an amount to the tune of ₹ 1,91,44,480/- by way of TDS/Advance tax. The marginal delay of one month in payment of self-assessment tax ₹ 114.73 lacs aft .....

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of filing of return of income. However, efforts were made to clear the tax in arrears at the earliest. The assessee paid the balance taxes immediately after accumulation of funds within a month of filing of the return of income, that too, even before the issue of notice u/s 221(1) of the Act voluntarily. With the above observation, he has scaled down the penalty imposed by the A.O. from 100% to 10% and the appeal of the assessee is allowed partly. On being aggrieved, assessee is in appeal befor .....

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ed by the A.O. 6. We have heard both the parties, perused the materials available on record and gone through the orders of the authorities below. We find that the assessee filed the return of income. However, on the date of return of income filed, the admitted tax is not paid. Subsequently, within a month, assessee has paid almost all the amounts which are payable on the date of the filing of the return of income. The A.O. was of the opinion that the assessee has violated the provisions of secti .....

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