Penalty not leviable when serious financial constraint prohibited assessee from discharging self-assessment tax

DCIT Vs Karanja Terminal and Logistic Pvt. Ltd (ITAT Mumbai)

Facts- AO observed that the assessee had failed to pay its admitted self-assessment tax liability of INR 3,92,70,237/-. Assessee submitted that failure to discharge self-assessment tax was due to financial constraints that were primarily triggered by delay in commencement of its project. It was also submitted that its solitary source of income i.e.,

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