1980 (9) TMI 117

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..... ee is a registered firm. Return was filed by the assessee on23rd Oct., 1971declaring total income of Rs. 1,06,098. Self assessed tax amounting to approximately Rs. 12,000 was due to be paid only on22nd Nov., 1871. Such payment was not made. Tax came to be paid only on1st Sept., 1975i.e. after a gap of 47 months. Under the circumstances, ITO initiated against the assessee penalty proceedings under .....

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..... paucity of funds was no defence in a case like the instant one. Dept. Rep. also submitted that the assessee did not furnish any explanation regarding paucity of funds etc., before the ITO and that thus, the ITO could not scrutinise the factual position. We are unable to agree with the assessee's contention that because he owned money to some other creditors also, he was justified in not paying on .....

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