https://www.taxtmi.com/caselaws?id=154674 Penalty for issuing a cheque dishonoured for insufficiency of funds was found unwarranted where the assessee acted under a bona fide expectation of receiving funds, then promptly deposited the amount and paid interest after dishonour. The question whether the conduct was bona fide or mala fide was treated as one of fact, and the fiscal authority was required to exercise discretion after considering the assessee's explanation. As the Tribunal had examined the material and recorded a categorical finding of no mala fide, the penalty could not be sustained and the order did not call for interference in revision. en-us Tue, 21 Jan 1986 00:00:00 +0530 Mon, 26 Aug 2013 13:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=154674 Penalty for issuing a cheque dishonoured for insufficiency of funds was found unwarranted where the assessee acted under a bona fide expectation of receiving funds, then promptly deposited the amount and paid interest after dishonour. The question whether the conduct was bona fide or mala fide was treated as one of fact, and the fiscal authority was required to exercise discretion after considering the assessee's explanation. As the Tribunal had examined the material and recorded a categorical finding of no mala fide, the penalty could not be sustained and the order did not call for interference in revision. Case-Laws VAT and Sales Tax Tue, 21 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=154674