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2020 (3) TMI 177

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..... at was expected from Commissioner of Income Tax (Appeals) was to record a finding which would disprove said fact or in other words reasons had to be assigned. This exercise having not been undertaken by CIT (Appeals) and by a cryptic order as noticed herein, finding of the Assessing Officer having been set aside, this has persuaded the tribunal to reverse the finding of Commissioner of Income Tax (Appeals) and restore the finding of the AO in part viz., affirming levy of penalty but reducing the quantum of penalty. We find from the order of tribunal that the finding recorded by the tribunal to arrive at a conclusion is based on sound appreciation of material available before it. In fact, a clear finding has been recorded by the tribunal tha .....

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..... r short, 'the Act') in the business premises of assessee and an order under section 201(1) of the Act came to be passed on 30.07.2013 enclosing therewith a demand notice. On 02.08.2013, assessee paid the amount demanded under the notice together with interest as required under section 201 (1) (A) of the Act. 3. Subsequently, proceedings under section 221 of the Act came to be initiated by issuance of show cause notice to assessee. A reply came to be submitted by the appellant contending that lapse in remittance of amount collected by way of TDS and retained by assessee was out of acute liquidity crunch and not deliberate or intentional negligence. Said plea of the assessee did not find favour with the Assessing Officer and as such, .....

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..... ct @ 1.5% per month and as such, Commissioner of Income Tax (Appeals) set aside the levy of penalty. 6. Revenue being aggrieved by said order preferred an appeal before the Income Tax Appellate Tribunal and tribunal while reversing the finding of Commissioner of Income Tax (Appeals) has extended olive branch to the assessee by restricting the levy of penalty to ₹ 20,55,573/- in lieu of ₹ 77,95,155/- which had been levied by the Assessing Officer. Hence, this appeal. 7. We have heard Ms. Varsha Shetty, learned counsel appearing for appellant-assessee and Sri.K.V.Aravind, learned Panel Counsel appearing for respondent. 8. Learned counsel appearing for assessee would contend that when in the instant case assessee had remitted the a .....

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..... of the Act was initiated and assessee in question was declared as an assessee in default under section 201 of the Act by order dated 30.07.2013. Said order has reached finality or in other words undisputedly assessee has not challenged the said order. 12. Pursuant to said order, demand was raised and immediately within four days i.e., on 02.08.2013, assessee remitted the amount along with interest. It is thereafter the penalty proceedings came to be initiated by issuing notice under section 221 of the Act to the assessee. In the penalty proceedings, assessee admitted that it was an assessee in default. However, a plea came to be raised that within four days of the order passed under section 201 of the Act, amount which was required to be r .....

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..... e Tax (Appeals) was to record a finding which would disprove said fact or in other words reasons had to be assigned. This exercise having not been undertaken by Commissioner of Income Tax (Appeals) and by a cryptic order as noticed herein, finding of the Assessing Officer having been set aside, this has persuaded the tribunal to reverse the finding of Commissioner of Income Tax (Appeals) and restore the finding of the Assessing Officer in part viz., affirming levy of penalty but reducing the quantum of penalty. We find from the order of tribunal that the finding recorded by the tribunal to arrive at a conclusion is based on sound appreciation of material available before it. In fact, a clear finding has been recorded by the tribunal that qu .....

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