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2023 (8) TMI 1066 - AT - Income TaxPenalty order u/s 271E - repayment of loan in cash - HELD THAT:- Arun Kumar Gandhi (HUF) had purchased an agricultural land on 30.04.2010 situated at Pratapgarh, Rajasthan. Copy of the registered sale deed was filed by the assessee during the proceedings. The land was purchased in rural area. There was public holiday on 28th March. Banks were over worked being end of financial year. Therefore, in our opinion, there was reasonable cause for cash payment to HUF. In the case of assessee also HUF on the same day i.e. on 30.04.2010 had purchased agricultural land. Therefore, respectfully following case of MANOJ LALWANI. [2002 (3) TMI 6 - RAJASTHAN HIGH COURT], since there was reasonable cause, we direct the AO to delete the penalty. Accordingly, the appeal of the assessee is allowed.
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