https://www.taxtmi.com/caselaws?id=214918 The ITAT affirmed the deletion of a penalty under Section 271D of the Income Tax Act imposed on the assessee for contravening Section 269SS. The ITAT upheld the decision of the ld. CIT(A), emphasizing the genuine and essential nature of the transactions with Shri Ambica Finance for the business. The ITAT ruled that since there was a reasonable cause for the violation of Section 269SS, the penalty under Section 271D was not applicable, citing precedent and highlighting the importance of establishing reasonable cause for tax provision violations. en-us Fri, 08 Jun 2012 00:00:00 +0530 Fri, 20 Jul 2012 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214918 The ITAT affirmed the deletion of a penalty under Section 271D of the Income Tax Act imposed on the assessee for contravening Section 269SS. The ITAT upheld the decision of the ld. CIT(A), emphasizing the genuine and essential nature of the transactions with Shri Ambica Finance for the business. The ITAT ruled that since there was a reasonable cause for the violation of Section 269SS, the penalty under Section 271D was not applicable, citing precedent and highlighting the importance of establishing reasonable cause for tax provision violations. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214918