Severe financial crisis is a reasonable cause for late payment of TDS

JCL Infra Ltd. Vs Addl. CIT (TDS) CGO Complex-I (ITAT Delhi)

Severe financial crisis is a reasonable cause which would have prevented the asssessee from depositing the TDS within the prescribed time period. In such a circumstance, we hold that the explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B

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