TMI Blog2016 (1) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... default without a reasonable cause. - Decided in favour of assessee. - ITA No. 2733/Ahd/2015 - - - Dated:- 1-1-2016 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER Assessee by : Shri P.B. Parmar, AR Revenue by : Shri Dileep Kumar, Sr-DR O R D E R This appeal has been filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)-8, Ahmedabad, dated 21.07.2015 for Assessment Yeas 2011-12. 2. In this appeal, the assessee has raised following grounds:- 1. The ld. CIT(A) has erred in law and on the facts of the case in confirming the action of ld. AO in levying penalty of ₹ 54,200/- u/s 272A(2)(k) of the Act. 2. The learned CIT(A) has erred in law and on the facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the issuance of the show cause notice and the reason for late payment of taxes was financial crunch in the business of the assessee which in our view constitute a reasonable cause for late filing the quarterly statements in Form Nos. 24Q 26Q as this statement can only be filed after the payments of taxes. Since, full amount of TDS along with interest has been paid by the assessee and therefore, no loss is caused to the Revenue and the late filing of quarterly statement is technical and venial breach of provision of the Act. In case of the Oriental Insurance Co. Ltd. (supra), it has been held as under: 5. We have heard the rival parties and perused the material on record. In our considered view the ld. CIT(A) was justified in deletin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T which are squarely applicable to the facts of assessee's case. We find no infirmity in the order of ld. CIT(A) and uphold the same. The ground raised by the Revenue is dismissed. In case of CIT(A) Eli Lilly And Co. (India) P. Ltd. (supra), it has been held as under: S.273B provides that in case reasonable cause is shown, penalty u/s 272A(2) must not be levied. Appellant couldn't file TDS returns in time since TDS was deposited late on account of acute shortage of funds. Since the same is a reasonable cause, penalty cannot be levied. In case of CIT vs. Harsiddh Construction Pvt. Ltd.(supra), it has been held as under: Further, appellant has deposited TDS along with interest. Thus, it has compensated Govt. for late p ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
