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2017 (8) TMI 619 - HC - Income TaxPenalty u/s 271E - violating the provisions of Section 269T - genuineness of the transaction - proof of intentional violation - Held that:- The Tribunal has relied on a decision of Punjab & Haryana High Court in the case of CIT v. Saini Medical Store (2005 (2) TMI 72 - PUNJAB AND HARYANA High Court) and has held that if assessee shows reasonable cause for the failure to comply with any provisions referred thereto, the penalty for its violation shall not be imposable on the assessee. The Tribunal recorded a finding that the assessee has shown reasonable cause for making the payment in cash exceeding ₹ 20,000/-. The aforesaid finding is purely a finding of fact, which is based on sound reasoning. - Decided against revenue.
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