Penalty for tax default deleted as such default occurred due to genuine scarcity of funds with asses

IT: Where assessee had not clear its statutory dues while filing return of income, fact that assessee's money got stuck in an attachment of a third party and assessee had borrowed funds to clear its tax dues along with interest up to date of payment much before Assessing Officer triggered penal provisions, had elaborately proved that default was committed by it without any mala fide intention and, therefore, no penalty could be levied under section 221(1)