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TMI Blog2018 (7) TMI 1315X X X X Extracts X X X X X X X X Extracts X X X X ..... not considered this submission of the assessee and has upheld the penalty on the ground that even the tax deducted at source was not deposited in time. However, it is our considered opinion severe financial crisis is a reasonable cause which would have prevented the assessee from depositing the TDS within the prescribed time period. The explanation offered by the assessee would constitute ‘reasona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... called to Act ). Similarly, ITA No. 785/Del/2015 is challenging the confirmation of penalty of ₹ 27,400/- imposed u/s 272A(2)(k) of the Act vide order dated 10.12.2014 passed by the Ld. CIT(A)-Meerut for assessment year 2009-10. 2. None was present on behalf of the assessee when the appeals were called out for hearing nor was any application for adjournment received on behalf of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He, accordingly, imposed a penalty of ₹ 1,08,600/- for both the defaults. 3.1 Similarly, in assessment year 2009-10, the quarterly statements were filed belatedly. There was a delay of 376 days for the first quarter, 251 days for the second quarter and 161 days for the third quarter. Thus, the total delay in filing was counted at 788 days and, accordingly, a penalty of ₹ 78,800/- wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere mistakes in counting the number of days of default and further that in assessment year 2008-09 the delay in filing of Form 26Q was of only of 313 days while the delay in filing Form 24Q was of 16 days only, the quantum of penalty was to be fixed at ₹ 32,900/-. Similarly, in assessment year 2009-10, the Ld. CIT (A) noted that the delay in filing of Form 26Q was only 274 days and, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s is a reasonable cause which would have prevented the asssessee from depositing the TDS within the prescribed time period. In such a circumstance, we hold that the explanation offered by the assessee would constitute reasonable cause within the meaning of section 273B of the Act and hence the assessee would be entitled to immunity from the levy of penalty u/s 272A(2)(k). Accordingly, in view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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