2017 (3) TMI 1735

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....Assessment Year 2010-11 vide his order dated 20.09.2011. 2. The only issue to be decided in this appeal is as to whether the ld CITA was justified in confirming the penalty levied u/s 272A(2)(k) of the Act in the sum of Rs. 18,993/- in the facts and circumstances of the case. 3. The brief facts of this issue is that the ld AO observed that the assessee had furnished its quarterly TDS returns in Form No. 24Q and 26Q with huge delay and accordingly levied penalty u/s 272A(2)(k) of the Act . The assessee submitted that due to precarious financial condition , there were delays in payment of TDS and as a result, the returns for the relevant quarters in the prescribed form were filed belatedly. It was also submitted that regarding Form No. ....

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....ontributed to the delay in filing of TDS returns. The ld CITA however upheld the action of the ld AO. Aggrieved, the assessee is in appeal before us on the following grounds:- "1. For that, on the facts and in the circumstances of the case, the imposition of penalty is perverse, rather against evidence and material on record and without an iota of material or evidence to support and sustain the same. 2. for that, on the facts and in the circumstances of the case, the impugned penalty imposed amounting to Rs. 18,993/- (Rupees eighteen thousand nine hundred and ninety three only) by the Ld. Joint Commissioner of Income-tax (TDS), Range-58/Kolkata and confirmed by the Ld. CIT(A)/Kolkata is perverse and ought to be deleted in ....

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....arges. Hence it had contributed to the delayed remittance of TDS. The ld AR stated that even the TDS portion of Rs. 4,265/- was remitted on 4.3.2011 by the sister concern of the assessee M/s Arunachal Plywood Industries Ltd in support of which he placed on record the bank statements of the said company. We find lot of force in the argument of the ld AR that the TDS returns could be electronically filed only after remittance of the requisite tax and interest thereon. Since the assessee had remitted the TDS portion itself belatedly by requesting the sister concern to make payment thereon and by mobilizing its own resources , it had eventually led to the belated filing of TDS returns. Hence this itself would, in our considered opinion, constit....