Tribunal deletes penalty under Income-tax Act for violation of section 269T, upheld by High Court

The High Court of Bombay upheld the Tribunal's decision to delete a penalty of Rs. 4,13,000 imposed under section 271E of the Income-tax Act for violating section 269T. The Tribunal found that the assessee acted under a genuine belief leading to the penalty deletion. The appeal against the Tribunal's decision was dismissed.

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The High Court of Bombay upheld the Tribunal's decision to delete a penalty of Rs. 4,13,000 imposed under section 271E of the Income-tax Act for violating section 269T. The Tribunal found that the assessee acted under a genuine belief leading to the penalty deletion. The appeal against the Tribunal's decision was dismissed.

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