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2005 (3) TMI 66 - HC - Income TaxPenalty proceedings u/s 271D as the respondent-assessee had contravened the provisions of section 269SS - "Whether Tribunal was right in dismissing the appeal of the Revenue and confirmed the action of the Commissioner of Income-tax (Appeals) in cancelling the penalty of Rs. 50,000 under section 271D?" - Violation of the provisions of the Act was under a bona fide belief of the assessee and the same was not with any intention to avoid or evade the tax - Findings recorded by the CIT (Appeals) and the Tribunal that the assessee had shown reasonable cause for the failure to comply with the provisions of section 269SS is a finding of fact based on appreciation of material on record. It does not give rise to any question of law, much less substantial question of law – Revenue appeal dismissed
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