2007 (7) TMI 216 - HC - Income Tax

Penalty u/s 271D for violation of provision of section 269SS – deposit in cash exceeding prescribed limit - no mens rea or mala fide intention in accepting the amount by cash and not by cheque - reasonable cause for accepting the deposits in cash given by assessee - Tribunal was justified and correct in law in upholding the judgment of the Commissioner of Income-tax in deleting the penalty – no substantial question of law arise – appeal of revenue dismissed