TaxTMI 
TaxTMI 
2019 (5) TMI 282
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..... 3. Facts of the case, in brief, are that the assessee filed its e-TDS return for F.Y. 2010-11 in Form No. 24Q and 26Q as per the details given in the following chart:- F.Y. 2010-11 Quarterly Returns Due Date Date of Submission Late (Days) 24Q, 1Q 15.07.2010 30.07.2011 380 24Q, 2Q 15.10.2010 30.07.2011 288 24Q, 3Q 15.01.2011 30.07.2011 196 24Q, 4Q 15.06.2011 30.07.2011 76 Total 940 F.Y. 2010-11 Quarterly Returns Due Date Date of Submission Late (Days) 26Q, 1Q 15.07.2010 30.11.2011 476 26Q, 2Q 15.10.2010 30.11.2011 384 26Q, 3Q 15.01.2011 30.11.2011 292 26Q, 4Q 15.06.2011 30.11.20....
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....tempt on part of the appellant for noncompliance of statutory provisions. What is to be seen is whether there was a reasonable cause or justification for not filing the requisite return within the prescribed time limit. 4.6 Vide letter dated 27.06.2016, the appellant has stated that:- "Last few years have been unfortunate for the company. Being a part of the Real Estate Industry, we have faced severe recession in the last four Financial Years i.e. 2008-09, 2009-10, 2010-11 and 2011-12 due to which we failed to deposit tax with in prescribed time limit." 4.7. The plea taken by the appellant, is not found tenable enough to constitute a 'reasonable cause' for delay of filing of TDS Return. Moreover the delay of 2264 ....
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.... 7. The ld. counsel for the assessee, referring to the Annexure 1 filed along with the paper book, submitted that the loan account with UCO Bank was classified as NPA and even public notice was issued. The same has been taken over by an asset reconstruction company, namely, M/s Edelweiss Asset Reconstruction Co. Ltd. Referring to the Annexure 2 filed along with the paper book, he submitted that the company had gone for one time settlement of its secured loan outstanding from Asia Pragati Capfin Private Limited on account of which the party had agreed to accept an amount of Rs. 22.50 crores along with respective interest against all dues till 31.03.2011 but the company has not been able to pay them. Referring to Annexure 3 filed along with....
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....2) 83 ITR 26 (SC); and iv) Investascent Wealth Advisors Pvt. Ltd. vs. Addl. CIT (ITAT Bangalore). 8. The ld. DR, on the other hand, heavily relied on the order of the CIT(A). He submitted that as mentioned by the ld.CIT(A), the delay was of 2264 number of days cumulatively and it reveals a willful attempt on the part of the assessee for noncompliance of the statutory provisions. The explanation given by the assessee is general and vague and it should not have kept the tax so deducted from the payments with itself instead of paying to the credit of the Central Government. He submitted that because of the default committed by the assessee credit could not be given to the deductees and they have to undergo undue hardship because of....
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....up before the Delhi Bench of the Tribunal in the case of JCL Infra ltd. (supra). The relevant portion of the order of the Tribunal reads as under:- "5. We have heard the Ld. Sr. Departmental Representative and have also perused the impugned orders. The assessee has pleaded before the Ld. CIT (A) that the delay was due to severe financial crisis which the assessee was facing. However, it is seen that the Ld. CIT (A) has not considered this submission of the assessee and has upheld the penalty on the ground that even the tax deducted at source was not deposited in time. However, it is our considered opinion severe financial crisis is a reasonable cause which would have prevented the asssessee from depositing the TDS within t....