https://www.taxtmi.com/caselaws?id=71215 The Tribunal partially allowed the Revenue's appeals by ordering the deletion of penalties for deposits accepted or repaid during the first three years of the company's business. The Tribunal emphasized interpreting "reasonable cause" liberally and considering business exigencies, remanding the issue to the Additional CIT for implementation. The genuineness of deposits was acknowledged, and the Tribunal highlighted the need to understand business compulsion and prudence in accepting cash deposits. The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E, emphasizing a practical approach in assessing compliance with the Income Tax Act. en-us Fri, 28 Nov 2008 00:00:00 +0530 Thu, 06 Jun 2013 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71215 The Tribunal partially allowed the Revenue's appeals by ordering the deletion of penalties for deposits accepted or repaid during the first three years of the company's business. The Tribunal emphasized interpreting "reasonable cause" liberally and considering business exigencies, remanding the issue to the Additional CIT for implementation. The genuineness of deposits was acknowledged, and the Tribunal highlighted the need to understand business compulsion and prudence in accepting cash deposits. The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E, emphasizing a practical approach in assessing compliance with the Income Tax Act. Case-Laws Income Tax Fri, 28 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71215