9911796707
TMI Blog2017 (10) TMI 1499X X X X Extracts X X X X X X X X Extracts X X X X ..... is therefore admitted for consideration. Since the revenue authorities did not have an opportunity to examine the additional evidence now admitted by the Tribunal, we deem it proper to set aside the order of the CIT (Appeals) and remand the question of the existence of reasonable cause under Section 273B of the Act for fresh consideration by the Assessing Officer in the light of the additional evidence now admitted by the Tribunal. The Assessing Officer shall afford an opportunity of being heard to the assessee before deciding the issue. Appeal is allowed for statistical purposes. - I.T. A. No.501/Bang/2017 - - - Dated:- 25-10-2017 - Shri Vijay Pal Rao, Judicial Member And Shri Jason P Boaz, Accountant Member Appellant By : Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide no penalty under Section 271F shall be imposed on an assessee for failure referred to in Section 271F of the Act, if the assessee proves that there was a reasonable cause for the said failure. 3. A show cause notice dt.22.7.2014 under Section 271F of the Act was issued by the Assessing Officer. The assessee did not respond to the show cause notice. The Assessing Officer therefore proceeded to impose penalty under Section 271F of the Act of ₹ 5,000. The Assessing Officer observed that the provisions of Section 271F of the Act was introduced only by way of a measure to ensure timely filing of return by tax payer and also to enable the Assessing Officer to carryout investigation and collect information to verify the return of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons for the delay as explained by the assessee does not constitute a justifiable reason for the delay in filing the return of income. The CIT (Appeals) confirmed the order of the Assessing Officer imposing penalty under Section 271F of the Act. 5. Aggrieved by the order of the CIT (Appeals) the assessee has preferred an appeal before the Tribunal. 6. Originally this appeal was filed on 1.3.2017 along with appeal memo in Form No.36, grounds of appeal and other documents which were signed by authorized signatory of the assessee. The appeal so filed was well within the time. Later on it was noticed by the assessee that Form 36, grounds of appeal and other documents have to be signed by the Director of the company. Accordingly, the revise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause for the delay in filing the appeal. 7. As far as the merits of the appeal filed by the assessee is concerned, the question that needs to be determined by the Tribunal is as to whether there was a reasonable cause for the delay in filing the return of income for the Assessment Year 2012-13 by the assessee beyond the end of the Assessment Year 2012-13 i.e. on or before 31.3.2013. In this regard, the first aspect we notice is that the return of income was filed by the assessee on 28.5.2013 and the delay in terms of Sectin 271F of the Act is only one month 28 days. Apart from the above, the reasons for the delay being non-availability of funds to pay the tax due on the income declared in the return of income is the reason pleaded by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30-79 2 Copy of the Audited financial statements of the appellant Company for the year ended 31.3.2012 80-101 3 Copy of the Audited financial statements of the appellant company for the year ended 31.3.2013 102-125 4 Copy of the bank statements of the appellant company 126-683 5 Copy of the email communications with CITI Bank for efforts made to borrow credit facility 684-685 6 Extract of auditor' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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