TMI Blog2018 (6) TMI 835X X X X Extracts X X X X X X X X Extracts X X X X ..... jurisdiction. Notwithstanding unsuccessful effort of the assessee in the revisional proceeding, still the assessee can file an appeal - thus assessee invoked revisional jurisdiction u/s 264 of the Act, it cannot constitute a bar for invoking the appellate jurisdiction Penalty levied u/s 221 for default in payment of self assessment tax - good and sufficient reason for default - Held that:- Assessee admittedly paid the tax belatedly along with interest under Section 234A, 234B and 234C of the Act - When the assessee has availed overdraft facility from the bank and exceeded the limit sanctioned by the bank and the assessee has no liquid cash to make the self assessment tax, this Tribunal is of the considered opinion that there is a good a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailed overdraft facility for business. The assessee exceeded overdraft facility sanctioned by the banker. Therefore, according to the Ld. counsel, practically, the assessee has no liquid cash to pay the self assessment tax when the return was filed. As and when the cash was available with the assessee, according to the Ld. counsel, it was immediately paid along with interest under Section 234A, 234B and 234C of the Act. Hence, according to the Ld. counsel, there was a reasonable cause for non payment of self assessment tax as provided in the second proviso to Section 221 of the Act. 4. Referring to the order of the CIT(Appeals), Shri S. Sridhar, the Ld.counsel for the assessee, submitted that in fact, the assessee filed a petition before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f D. Lakshminarayanapathi (supra), the Ld. D.R. submitted that this judgment of Madras High Court is not applicable to the facts of the case, therefore, the CIT(Appeals) has rightly found that the appeal filed by the assessee is not maintainable. 6. We have considered the rival submissions on either side and perused the relevant material available on record. The CIT(Appeals) dismissed the appeal of the assessee on the ground that it is not maintainable since the assessee has filed petition before the Principal Commissioner under Section 264 of the Act. Placing reliance on the judgment of Madras High Court in D. Lakshminarayanapathi (supra), the Ld.counsel for the assessee claims that on identical circumstances, the Madras High Court foun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not have been invoked. The argument advanced before us is that by inferential reasoning we should hold that if there is a limitation on exercise of revisional power a similar limitation should be read into the exercise of the appellate power. It does not require any authority to hold that it is not the province of the court to rewrite the law on the ground that the provision should have been worded in a different manner in order to make it seemingly consistent with some other provision. Moreover, it is wholly unnecessary for Parliament to impose the same kind of restriction for invoking different kinds of jurisdiction. It is open to the law-maker to provide more than one remedy to the aggrieved party and so long as such remedies are a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the appeal, the assessee admittedly paid the tax belatedly along with interest under Section 234A, 234B and 234C of the Act. In view of the second proviso to Section 221 of the Act, unless there was a good and sufficient reason, the assessee is liable to pay penalty in addition to interest. In the case before us, assessee claims that the overdraft facility availed from the bank was exceeded and the assessee has no liquid cash for making payment. This fact is not disputed by the Revenue. When the assessee has availed overdraft facility from the bank and exceeded the limit sanctioned by the bank and the assessee has no liquid cash to make the self assessment tax, this Tribunal is of the considered opinion that there is a good and suffici ..... X X X X Extracts X X X X X X X X Extracts X X X X
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