9911796707
TMI Blog2021 (12) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... s grossly erred in law and on facts in dismissing the appeal. He ought to have allowed the appeal fully in accordance with the grounds of appeal raised by the appellant company before him. I. Levy of penalty u/s. 271A(2)(g) of the Act - Rs. 19,700/- 1. The Ld. CIT(A) has erred in law and on facts in confirming the penalty levied u/s. 272A(2)(g) of the Act of Rs. 19,700/-. 2. The Ld. CIT(A) has erred in law and on 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 Rs. 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 Retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding before us Ld. Counsel has contended that because of financial crisis assessee has deposited the TDS late and TDS return was also filed late which was resulted in delay in issue of TDS certificate. In support of contention of the assessee of financial crisis, the Ld. Counsel has placed in the Paper Book the copies of bank statement showing that amount was borrowed from bank for depositing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 307 (Gujarat) wherein it is held that since the assessee had deposited tax deducted along with interest and fully explain the reason for late deposit of such amount 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 pay ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
