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TMI Blog2018 (2) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provision if it is proved that there was reasonable cause for the said failure. In the facts of the present case, the Tribunal having recorded a concurrent finding of fact to the effect that the assessee has proved that there was reasonable cause for failure in deducting tax at source and delay in making payment to the Government account, was wholly justified upholding the action of the Commissioner (Appeals) of invoking the provisions of section 273B of the Act and deleting the penalty. - Decided in favour of assessee - Tax Appeal No. 938 of 2017 - - - Dated:- 31-1-2018 - Ms. HARSHA DEVANI AND MR. A.S. SUPEHIA, JJ. For T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of the Act, has rendered itself liable for levy of penalty under section 271C of the Act, and after working out such amount, imposed penalty of ₹ 83,10,083/-, viz. equal to the amount which it had failed to deduct or pay. 4. Being aggrieved the assessee carried the matter in appeal before the Commissioner (Appeals), who deleted the penalty. The revenue went in appeal before the Tribunal, but did not succeed. 5. Ms. Mauna Bhatt, learned senior standing counsel for the appellant, submitted that the assessee has failed to deduct the tax at source and to pay the same into the Government account within the specified time, without any reasonable cause, and the Joint Commissioner of Income Tax was wholly justified in levying pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest to the credit of the Government and had duly explained the reason for late deposit of such amount during the course of the penalty proceedings, which was neither controverted nor found to be false by the Joint Commissioner of Income Tax, the provisions of section 273B of the Act would be attracted and no penalty could be levied upon the assessee. He, accordingly, deleted the penalty. 8. The Tribunal, in the impugned order, has concurred with the findings recorded by the Commissioner (Appeals) and has found that the case of the assessee was covered by the provisions of section 273B of the Act as it had reasonable cause for late deposit of the tax deducted at source to the credit of the Government and further the assessee had made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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