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TMI Blog2020 (1) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... ontract payments, professional fee, etc., paid or payable to parties during the year ending 31.01.2012 had not been remitted or assessee had failed to remit the said amount so deducted to the account of the Central Government was due to financial crisis. Only plea which was available to assessee in the penalty proceedings is to explain the cause for delay. It is in this background, Assessing Officer amongst several questions raised had called upon assessee to answer three pertinent questions which has been noticed by the Commissioner of Income Tax (Appeals) in Paragraph 3.1 of the order and a plain reading of the same would disclose that during the financial year ending in question, assessee was possessing surplus funds of 7,85,71,805/-. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppropriate government. As such, by extending its benevolence, tribunal has directed the Assessing Officer to restrict the levy of penalty to a sum of 20,55,573/- in substitution to 77,95,155/- levied by Assessing officer. This finding would not call for interference by us particularly when assessee having been declared as an assessee in default under Section 201 (1) of the Act by order dated 30.07.2013 and said order having not been challenged by the assessee. - Decided against assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... No.63/CIT(A)-13/2014-15, which found favour of the first Appellate Authority. Before the first Appellate Authority, assessee reiterated the plea put forward before the Assessing Officer with regard to financial crunch and a finding of fact came to be recorded which is to the following effect: "9. It is also seen xxx on time. Perusal of the appellant's submissions along with its balance sheet and other financial statements show that it had faced genuine financial difficulties during the said period." 5.At this stage, it would be appropriate to notice that Commissioner of Income Tax (Appeals) has not analyzed and discussed or recorded a finding as to how the financial difficulty that was pleaded by the assessee was proved by him, particu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formulated, adjudicated and answered in favour of assessee. 9.Per contra, learned Panel Counsel appearing for respondent would submit that order passed by the tribunal reducing penalty itself is erroneous for which revenue would have preferred the appeal but for the quantum of revenue involved and since the extant circular restricts the right of revenue to challenge the same on the monetary restrictions placed for filing appeal same has not been filed by the revenue. He would also submit that plea now put forward by the assessee is purely question of fact and there is no question of law involved to formulate, adjudicate and that too for being answered in favour of the assessee. Hence, he prays for dismissal of the appeal. 10.Having heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties during the year ending 31.01.2012 had not been remitted or assessee had failed to remit the said amount so deducted to the account of the Central Government was due to financial crisis. Hence, the only plea which was available to assessee in the penalty proceedings is to explain the cause for delay. It is in this background, Assessing Officer amongst several questions raised had called upon assessee to answer three pertinent questions which has been noticed by the Commissioner of Income Tax (Appeals) in Paragraph 3.1 of the order and a plain reading of the same would disclose that during the financial year ending in question, assessee was possessing surplus funds of ₹ 7,85,71,805/-. That apart, assessee had made three payments f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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