2014 (5) TMI 477

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....Per N. K. Billaiya, AM: This appeal by the Revenue is preferred against the order of the Ld. CIT(A)-14, Mumbai dt. 24. 01.2012 pertaining to assessment year 2007- 08. 2. The grievances of the Revenue read as under: 1. (i) The Ld. CIT(A) has erred in law and on facts in holding that mention of section272A(2)(C) of the I.T. Act, 1961 in place of correct sub section 272A (2)(K) of the 1.T. A....

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....ruled out by the legislative intendment as clearly brought out in enactment of provisions of law as contained u/s. 272A (2)(K) of the I.T. Act, 1961. 4. (iv) The Ld. CIT(A) has erred in holding that since the tax was deducted only in the last quarter of the year under consideration, the TDS return was also filed for the last quarter and hence there was no loss to revenue and default is only of ....

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.... (TDS) proceeded with the submissions filed during the course of proceedings u/s. 201(1)/201(1A) of the I.T. Act from which the AO noticed that the assessee did not file quarterly TDS returns in time and went on to impose penalty u/s. 272A(2)(c) of the Act at Rs. 4,74,000/-. 4. The assessee carried the matter before the Ld. CIT(A). After considering the facts and the submissions, the Ld. CIT(A)....

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....The Ld. CIT(A) accordingly annulled the penalty order on legal grounds. 5. Aggrieved by this, the Revenue is before us. The Ld. Departmental Representative strongly supported the findings of the AO. 6. As no one represented on behalf of the assessee, we proceed to decide the appeal ex-parte on merits. 7. We have carefully perused the orders of the lower authorities. It is an undisputed fa....