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2003 (7) TMI 66 - HC - Income TaxPenalty imposed on the respondent under section 271D - The element of mens rea is not brone out from the nature and the manner in which the transaction was carried out - we do not find any justification or reasonable cause to remand the matter for adjudication afresh by the Commissioner of Income-tax for consideration of reasonableness with-in the meaning of section 273B of the Act. In the facts and circumstances of the case, we hold that the Tribunal was justified and correct in law in upholding the judgment of the Commissioner of Income-tax in deleting the penalty of Rs. 4,50,000 imposed on the assessee under section 271D - The appeal stands dismissed.
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