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2012 (7) TMI 488 - AT - Income TaxPenalty u/s 271D - reasonable cause for contravention of the provision of Section 269SS - CIT(A) deleted the penalty - Held that:- The identity of the person, genuineness of the transaction and capacity of the person with whom the cheques were discounted is proved beyond doubt and also accepted that the party was discounting cheques of the assessee - the documents filed by the assessee that the amount of cash received through cheque discounting were either fully spent on the same day or within 2-3 days, therefore, the cash was taken by discounting cheques to meet the urgent business needs of the assessee - deletion of penalty is warranted - in favour of assessee.
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