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TMI Blog2021 (4) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... only after 31/03/2013 by issue of series of 3 preferred stock. It has been observed by Ld.CIT(A) that the funds have been raised by assessee from issue of stock by the principle to the subsidiary, out of which the taxes were paid immediately and IT returns were furnished. We observe that Ld.CIT(A) has considered the financial difficulties faced by assessee in a very practical manner thereby deleting the penalty of ₹ 5000/- levied under section 271F of the act. This view is also supported by the ratio of Hon ble Supreme Court in case of CIT vs KTC Tires India Pvt Ltd [ 2005 (9) TMI 665 - SUPREME COURT] . Under such circumstances the view taken by Ld.CIT(A) do not call for any interference and the same is upheld. - Decided against re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y u/s 271F. 2. At the outset the Ld. DR submitted that there is a delay in filing the present appeal by one day. She placed reliance on there can donation application dated 03/12/2019. The Ld.Sr.DR reiterated the reason as mentioned in the application for condonation of delay that the order under 253 (2) was passed by the Ld.Pr.Commissioner on 02/12/2019 and the same was received in the office at 5 PM and hence there is a delay of oneday in filing the present appeal. 3. The Ld.AR did not object for the delay to be condoned. Accordingly the cut delay of one-day is condoned in filing the present appeal by revenue before this Tribunal. 4. The Ld.Sr.DR submitted that present appeal arises out of order passed under section 271F of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and Fats Ltd. vs TRO reported in (2018) 99 taxmann.com 226 allowed the claim of assessee and deleted the penalty levied under section 271F of the Act. 11. Aggrieved by the order of Ld.CIT(A), revenue is in appeal before us now. 12. The Ld.Sr.DR submitted that there is a delay of 1 month and 58 days in filing the return of income for the year under consideration. She placed reliance on the account statements in support of the claim that assessee had sufficient balance in order to pay the taxes due for the relevant year. 13. On the contrary, Ld.AR placed reliance on the observations of Ld.CIT(A). 14. We have perused submissions advanced by both sides in light of records placed before us. 15. We note that the Ld.CIT(A) while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds from the Principal. And the principle was able to raise fund only after 31 03.2013 by issue of Series 3 Preferred Stock. It is also seen that upon raising the fund from issue of stock the Principal remitted the money to the subsidiary and out of which the taxes were paid immediately and IT returns were furnished. It is also seen from the bank A/c's statement that the money received from the Principle is immediately appropriated by the subsidiary depending on the needs and urgencies of the business. 6.4 In the above circumstances it is seen from the submission made, material evidence provided and discussion made that the company had no intention of not filing the return or paying the taxes due in lime. It is thus evidence that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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