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2016 (7) TMI 1334 - ITAT AMRITSARPenalties imposed u/s 271D & 271E - reasonable cause - proof of breach of the statutory provisions contained in sections 269SS & 269T - whether persons from whom cash was received and was subsequently repaid were identifiable agriculturists - Held that:- CIT(A) has made a finding of fact that creditors from whom cash was received and cash was repaid were genuine and he has also made a finding of fact that a confirmation to that fact was obtained from these persons and the transactions were not made for attempting to evade tax, therefore, he held that there was a reasonable cause for entering into such transactions. The learned CIT(A) has passed an exhaustive and elaborate speaking order, and we do not find any infirmity in the order of learned CIT(A), therefore, the appeals filed by Revenue are dismissed. - Decided in favour of assessee.
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