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2019 (3) TMI 1719 - AT - Income TaxPenalty u/s 271D and 271E - genuineness of the transaction made through journal entries - Bonafide belief - HELD THAT:- As the assessee had remained under a bonafide belief that the acceptance and repayment of loans by journal entries did not involve any contravention of the provisions of Sec. 269SS and Sec. 269T of the I.T Act, therefore, we are in agreement with the view taken by the CIT(A) that in the backdrop of the said “reasonable cause‟ within the meaning of Sec. 273B of the I.T Act, no penalty under Sec. 271D and Sec. 271E could have been imposed on the assessee. We thus finding no infirmity in the order of the CIT(A) who had in terms of his aforesaid observations vacated the penalty levied - Decided in favour of assessee
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