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2018 (7) TMI 1565 - HC - Income TaxPenalty u/s 271D - breach of Section 269SS for the subject three assessment years - Held that:- We find that the impugned order of the Tribunal is a detailed speaking order. Wherever the party has made submissions and made out a reasonable cause, the Tribunal has exercised its discretion in setting aside the imposition of penalty or restoring it to the Assessing Officer for fresh consideration in the light of the facts pointed out by the appellant during the course of the hearing. Wherever no reasonable cause was pointed out, the impugned order of the Tribunal did not disturb the findings arrived at by the Assessing Officer and the CIT(A). Thus, this is not a case of non exercise of discretion under Section 273B of the Act as alleged by the appellant. From the reading of the impugned order of the Tribunal, we find that in respect of the loans on which penalty has been confirmed, the appellant assessee has not made out and / or submitted any reasonable cause for the Tribunal to exercise its discretion to set aside the penalty in such cases. The case laws of the Apex Court and coordinate bench of this Court relied upon by Mr. Jha on behalf of the appellant, is binding upon us and there can be no quarrel with the proposition set out therein. However, the same cannot be considered in vacuum. It necessarily has to be in the context of the facts arising in the case. In this case, we find that the appellant assessee has not made out any case for reasonable cause in respect of cases where the impugned order has not disturbed the finding of the lower authorities. Tribunal was right in upholding penalty imposed under Section 271D
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