Tribunal Deletes Penalty for Delayed TDS Returns Due to Financial Crisis and NPA Issues u/s 272A(2)(k.

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....Levy of penalty u/s 272A(2)(k) - substantial delay in filing quarterly TDS return - the development project was dropped because of financial crisis and liquidity crunch, loan became NPA - reduced its number of offices and had retrenched certain employees - reasonable cause on the part of the assessee for delay - penalty deleted....