2006 (1) TMI 79 - HC - Income Tax

Peanlty - "(a) Whether, Tribunal had enough material to hold, and was right in holding that the assessee was justified in receiving deposits exceeding Rs. 20,000 in cash when the depositors did not have bank accounts? (b) Whether, Tribunal was right in deleting the penalty under section 271D on the ground that the depositors did not have bank accounts, when section 269SS provides for payment either by cheque or bank draft?" - it may not be proper for this court to interfere with such discretion exercised by the authorities below, having been satisfied with the reasonable cause for the failure to comply with section 269SS