https://www.taxtmi.com/caselaws?id=213154 The High Court upheld the Tribunal's decision to cancel penalties under Sections 271-D and 271-E of the Income Tax Act due to a reasonable cause for non-compliance with cash deposit provisions. The Tribunal found that the cash repayments to individuals without bank accounts were justified, leading to the dismissal of the appeal against penalties. The judgment emphasized the significance of assessing individual circumstances and reasons for non-compliance in penalty imposition under the Income Tax Act. en-us Thu, 05 Apr 2012 00:00:00 +0530 Fri, 18 May 2012 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213154 The High Court upheld the Tribunal's decision to cancel penalties under Sections 271-D and 271-E of the Income Tax Act due to a reasonable cause for non-compliance with cash deposit provisions. The Tribunal found that the cash repayments to individuals without bank accounts were justified, leading to the dismissal of the appeal against penalties. The judgment emphasized the significance of assessing individual circumstances and reasons for non-compliance in penalty imposition under the Income Tax Act. Case-Laws Income Tax Thu, 05 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213154