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The Income Tax Appellate Tribunal held that the repayment of a loan in cash to a Non-Banking Financial Company (NBFC) is not entirely free from doubt, considering the Reserve Bank of India's (RBI) notification dated 9th March 2017. The RBI notification provides a plausible view, and the Tribunal found reasonable cause u/s 273B of the Income Tax Act in the peculiar facts of the case. Additionally, the Tribunal acknowledged the genuineness of the transaction in question. Consequently, the levy of penalty u/s 271E of the Income Tax Act was deleted, and the assessee's appeal was allowed.
The Income Tax Appellate Tribunal held that the repayment of a loan in cash to a Non-Banking Financial Company (NBFC) is not entirely free from doubt, considering the Reserve Bank of India's (RBI) notification dated 9th March 2017. The RBI notification provides a plausible view, and the Tribunal found reasonable cause u/s 273B of the Income Tax Act in the peculiar facts of the case. Additionally, the Tribunal acknowledged the genuineness of the transaction in question. Consequently, the levy of penalty u/s 271E of the Income Tax Act was deleted, and the assessee's appeal was allowed.
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