1992 (3) TMI 138

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..... 140A(3). The assessee filed its return on 14th March, 1988 and was required to pay self-assessment tax of Rs. 29,934. This was not paid. The impugned penalty was thus levied. 2. The assessee's argument that he was not possessed of fund to make self-assessment tax payment did not find favour with the learned CIT(A) who noted that the assessee had sufficient credit balances with three connected....

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....sister concerns resulting in substantial credit balances with them is not in dispute. However, the fact that the assessee had control over the concerns is not established. It is also not rebutted by the Revenue that the assessee closed its business for want of supplies from these concerns against the amounts advanced and the amounts lying to the credit balance of the assessee were realised much la....