https://www.taxtmi.com/caselaws?id=68522 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271D for accepting cash deposits in contravention of section 269SS. The Tribunal considered the genuine belief and urgent fund requirements of the assessee during the initial business year, concluding that the violation was technical and venial, warranting no penalty. Relying on precedents, the Tribunal emphasized that penalties for technical breaches arising from a bona fide belief are not valid. The decision to cancel the penalty was based on the absence of malafide intent and the genuine nature of the transactions, highlighting the reasonable cause for the violation. en-us Mon, 14 May 2001 00:00:00 +0530 Wed, 30 Mar 2011 18:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68522 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271D for accepting cash deposits in contravention of section 269SS. The Tribunal considered the genuine belief and urgent fund requirements of the assessee during the initial business year, concluding that the violation was technical and venial, warranting no penalty. Relying on precedents, the Tribunal emphasized that penalties for technical breaches arising from a bona fide belief are not valid. The decision to cancel the penalty was based on the absence of malafide intent and the genuine nature of the transactions, highlighting the reasonable cause for the violation. Case-Laws Income Tax Mon, 14 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68522