https://www.taxtmi.com/caselaws?id=71688 The Tribunal held that the penalty imposed under section 271E of the Income-tax Act, 1961, amounting to Rs. 74,08,545, was not justified. They found that the society had a reasonable cause for the cash repayments, as per section 273B, and that the transactions were genuine and conducted in the regular course of business. Citing past judgments, the Tribunal emphasized the bona fide belief of the society and canceled the penalty, allowing the appeal. en-us Thu, 25 Mar 2004 00:00:00 +0530 Tue, 26 Apr 2011 16:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71688 The Tribunal held that the penalty imposed under section 271E of the Income-tax Act, 1961, amounting to Rs. 74,08,545, was not justified. They found that the society had a reasonable cause for the cash repayments, as per section 273B, and that the transactions were genuine and conducted in the regular course of business. Citing past judgments, the Tribunal emphasized the bona fide belief of the society and canceled the penalty, allowing the appeal. Case-Laws Income Tax Thu, 25 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71688