Penalty u/s 271D not leviable as the assessee had reasonable...

Penalty u/s 271D not leviable as the assessee had reasonable cause for accepting cash payments from buyers unable to pay by account payee cheque or demand draft due to restricted banking hours. The penalty was not initiated by the revenue within reasonable time after processing the return. Considering the complexity of income tax laws and this being the first year after the amendment's introduction, coupled with buyers' inability to arrange demand drafts, the assessee's explanation was treated as bona fide. Section 273B categorically excludes the operation of Section 271D. The revenue cannot adopt tactics of pick and choose while assessing citizens, violating Article 14 of the Constitution. The penalty levied was deleted, and the decision was in favor of the assessee.