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2012 (5) TMI 131 - HC - Income TaxCancelling the penalty u/s 271-D/27/E by tribunal - contravention of provisions of section 269SS / 269T – Held that:- Tribunal rightly invoked Section 273-B as no penalty shall be imposable on the assessee for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure - from the materials brought on record it is clear that four persons were agriculturists from whom various deposits in cash were accepted amounting to Rs. 10,000/- or lesser amount and came to the conclusion that those agriculturists had no bank account and the amounts were paid in cash – in favour of assessee.
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