9911796707
TMI Blog2015 (1) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... 46,928/- in share trading and the entire profit had been washed away. Consequently, the assessee had only ₹ 47,873/- by way of cash on hand and the balance in the bank account was only to the tune of ₹ 8,848/- and that the assessee did not have any liquid funds to make payment of the selfassessment tax - the revenue itself had granted installments to the assessee, who had subsequently paid up the amount - when there was a good and sufficient reason for the default, no penalty ought to have been levied, more particularly, when the assessee had later on deposited the entire amount. The assessee on account of having incurred heavy losses in share trading was not in a position to make payment of self-assessment tax at the relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case, the ITAT was justified in analyzing the accounts of the assessee as on 31st December 2006 and coming to the conclusion that the assessee had incurred huge losses despite the fact that as per provisions of I.T Act, the assessee was liable to pay advance tax or otherwise by 31st March 2006? {C} Whether in the facts and circumstances of the case, the ITAT was justified in coming to the conclusion that there was good and sufficient reason for not paying taxes without analyzing the financial position of the assessee at the time of statutory dates for payment of advance taxes as provided in the I.T Act? {D} Whether in the facts and circumstances of the case, the ITAT was justified in deleting the penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as erred in holding that the assessee had given good and sufficient reasons for the default in paying self assessment tax. It was submitted that the Tribunal had erred in analyzing the accounts of the assessee as on 31st December 2006 and coming to the conclusion that the assessee had incurred huge losses despite the fact that in terms of the provisions of the Income Tax Act, the assessee was liable to pay advance tax or otherwise by 31st March 2006. It was, accordingly, urged that the matter requires consideration and the appeal deserves to be admitted. 4. As can be seen from the impugned order, the Tribunal has found that the factual position of the case is that the revenue department had granted installments to the assessee who had de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re particularly, when the assessee had later on deposited the entire amount. 5. From the findings recorded by the Tribunal, it is apparent that the assessee on account of having incurred heavy losses in share trading was not in a position to make payment of selfassessment tax at the relevant time and the revenue itself had granted installments to the assessee. Having regard to the fact that considering the difficulties faced by the assessee, the revenue itself had thought it fit to grant installments to the assessee, and the fact that pursuant thereto the assessee had deposited the entire amount of self assessment tax, this court is of the view that there is no legal infirmity in the impugned order passed by the Tribunal in holding that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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