POWER SECURITY CORP PRIVATE LIMITED,CHENNAI vs. ITO, CORP WARD 5(2), CHENNAI

0 It has been noted that there is a delay of 14 days in all the four appeals, in filing before the tribunal. In its affidavit the assesse has pleaded that the assesse is small organization providing security services and has no qualified accounting professionals to handle its tax matters as also that it has to travel frequently outstations for business needs. All these activities contributed to the delay which was neither willful nor wanton. The assesse submitted that there will not be case of any non- compliance now. We have considered the justification put forth by the assesse and we are satisfied with their adequacy. We are also conscious of the fact that no litigant gains by intentionally delaying its own matters. The Ld. DR did not pose any serious objections to the delay. Accordingly, we hereby condone the delay and proceed to adjudicate this appeal. 3.0 We have noted that imposition of penalty u/s 271(1)(c) is seminal to all the above four appeals and hence they are adjudicated by this common order for the purposes of convenience. The facts and figures for AY-2013-14 are being taken as lead year for adjudication. As ITA No.1851, 1863, 1864 & 1865/Chny/2024

0 The Ld. Counsel for the assessee informed that the company under consideration is now liquidated and formaly closed. The Ld. AO was in receipt of information that the assessee had transacted amounts of money aggregating to Rs. 5,00,39,970/- on account of contractor payments, professional technical fees and rent. No return of income was filed and hence action u/s 147 r.w.s. 148 was taken. In response to notice of the Ld.AO the assessee had submitted that it has discontinued its operations and was not in the possession of adequate records to file return of income or any further information. Reference was also made to assessee’s contemporaneous adverse health issues. The Ld. AO recorded that department has initiated action for restoration of company’s name in the