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2019 (5) TMI 1783 - AT - Income TaxPenalty imposed u/s 271D - reasonable cause as mandated u/s 273B - accepting the deposits or repayment of loan in cash and not by way of account payee cheque or demand draft - HELD THAT:- In the instant case, the assessee was unable to prove that there was the compelling circumstance for accepting the deposits in cash. In the absence of such explanation by the assessee, going by the judgment of the Hon’ble jurisdictional High Court in the case of Listin Stephen v. DCIT [2019 (4) TMI 293 - KERALA HIGH COURT] we hold that there is no reasonable cause as mandated u/s 273B of the I.T.Act. Therefore, we confirm the penalty imposed u/s 271D of the I.T.Act. - Decided against revenue.
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