Case Law Details
ACIT Vs Metric Stream Infotech (India) Pvt. Ltd. (ITAT Banglore)
There is a categorical finding returned by Ld.CIT(A) that assessee was unable to get loan from Citibank for meeting the expenses and Citibank also refused to extend the loan. Subsequently assessee was waiting for funds from the principle which was received only after 31/03/2013 by issue of series of 3 preferred stock. It has been observed by Ld.CIT(A) that the funds have been raised by assessee from issue of stock by the principle to the subsidiary, out of which the taxes were paid immediately and IT returns were furnished.
We observe that Ld.CIT(A) has considered the financial difficulties faced by assessee in a very practical manner thereby deleting the penalty of Rs.5000/- levied under section 271F of the act. This view is also supported by the ratio of Hon’ble Supreme Court in case of CIT vs KTC Tires India Pvt Ltd. (supra). Under such circumstances the view taken by Ld.CIT(A) do not call for any interference and the same is upheld.
FULL TEXT OF THE ITAT JUDGEMENT
Present appeal has been filed by revenue against order dated 27/09/2019 passed by learnt CIT (A),-4, Bangalore for
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