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HC held that the assessee demonstrated reasonable cause under Section 273B for repaying a loan exceeding twenty thousand rupees, thereby exempting them from penalty under Section 271E. The court found the transaction was bona fide, based on a financial institution's insistence to pay in cash. The loan repayment was genuine and not intended to avoid tax liability. Consequently, the penalty orders passed by the Assessing Officer and appellate authorities were set aside, with the substantial question of law decided in favor of the assessee.
HC held that the assessee demonstrated reasonable cause under Section 273B for repaying a loan exceeding twenty thousand rupees, thereby exempting them from penalty under Section 271E. The court found the transaction was bona fide, based on a financial institution's insistence to pay in cash. The loan repayment was genuine and not intended to avoid tax liability. Consequently, the penalty orders passed by the Assessing Officer and appellate authorities were set aside, with the substantial question of law decided in favor of the assessee.
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