TMI Blog2021 (12) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... nt during the course of penalty proceeding which was neither controverted or found to be false by the JCIT, provision of Section 273B would be attracted and no penalty could be levied upon assessee. The assessee has demonstrated from the material placed on record that because of financial crisis there was delay in depositing TDS, therefore, TDS return filed late which resulted in issuing TDS certificate late. The assessee has attached copy of Income Tax Return, copy of bank statement of Tamil Mercantile Cooperative Bank, HDFC Bank showing borrowing of amount on 18.02.2013 for payment of TDS on 20.03.2013. The assessee has also submitted before the AO and Ld. CIT(A) that there was financial crisis in the case of the assessee company due t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n facts in failing to consider that the appellant company has paid the TDS for the period from November 2012 to January 2013 in single installment on 02.02.2013 of ₹ 97,80,030/- which includes interest and has also TDS return immediately and has issued the TDS certificates within 15 days from the date of filing of TDS Return. 3. The Ld. CIT(A) has erred in law and on facts in failing to consider that the penalty u/s.272A(2)(g) is discretionary and is subject to provision of section 273B and it provides that if there was a reasonable cause in issuing the certificate late, the penalty u/s 272A(2)(g) will not be attracted. 4. The Ld. CIT(A) has erred in law and on facts in failing to properly consider appellant company's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of TDS amount. The Ld. Counsel has also submitted that it was specifically brought to the notice of the AO and CIT(A) that because of financial crisis the TDS was deposited late, therefore, there was delay in issue of the TDS certificate but the contention of the assessee was not considered by the Revenue authorities. The assessee has filed a Paper Book comprising detail and copies of document submitted before the lower authorities. The Ld. Counsel has also submitted that there is a no loss or inconvenience to the deductee whose tax was deducted as TDS certificate were issued before the due date of filing of their Income Tax Return. 5. On the other hand, the Ld. DR has supported the order of Ld. CIT(A). 6. Heard both the sides and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trated from the material placed on record that because of financial crisis there was delay in depositing TDS, therefore, TDS return filed late which resulted in issuing TDS certificate late. The assessee has attached copy of Income Tax Return, copy of bank statement of Tamil Mercantile Cooperative Bank, HDFC Bank showing borrowing of amount on 18.02.2013 for payment of TDS on 20.03.2013. The assessee has also submitted before the AO and Ld. CIT(A) that there was financial crisis in the case of the assessee company due to which TDS was deposited late. In this regard, we observe that neither the AO nor the Ld. CIT(A) has controverted nor disprove the contention of the assessee that there was financial crisis, therefore, we consider that the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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