Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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The ITAT held that the assessee's repayment of loan EMIs in cash to an NBFC, a practice followed upon default, constituted reasonable cause under section 273B. The tribunal found the CIT(A) erred in rejecting the assessee's explanation for cash payments. Since the penalty under section 271E relates to the entire addition and the assessee satisfactorily demonstrated justification for the cash repayments, the penalty was deleted. The assessee's appeal was allowed, resulting in the quashing of the penalty imposed for repayment of loan in cash otherwise than by prescribed modes.
The ITAT held that the assessee's repayment of loan EMIs in cash to an NBFC, a practice followed upon default, constituted reasonable cause under section 273B. The tribunal found the CIT(A) erred in rejecting the assessee's explanation for cash payments. Since the penalty under section 271E relates to the entire addition and the assessee satisfactorily demonstrated justification for the cash repayments, the penalty was deleted. The assessee's appeal was allowed, resulting in the quashing of the penalty imposed for repayment of loan in cash otherwise than by prescribed modes.
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