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 of the Act and hence the assessee would be entitled to immunity from the levy of penalty u/s 272A(2)(k). FULL TEXT OF THE ITAT JUDGMENT Both these appeals have been filed by the assessee. ITA No. 784/Del/2015 is against order dated 10.12.20...