https://www.taxtmi.com/caselaws?id=233998 The Appellate Tribunal ITAT Visakhapatnam set aside the penalty imposed under sec. 271E of the Income Tax Act for the violation of sec. 269T provisions. The tribunal found that the assessee had provided a reasonable cause for the failure to comply with sec. 269T regarding loan repayments exceeding Rs.20,000 in cash. By evaluating the legal provisions and explanations given by the assessee, the tribunal concluded that the penalty was unjustified, directing the assessing officer to delete it. The appeal was allowed in favor of the assessee based on the tribunal's decision. en-us Mon, 13 May 2013 00:00:00 +0530 Fri, 24 May 2013 08:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233998 The Appellate Tribunal ITAT Visakhapatnam set aside the penalty imposed under sec. 271E of the Income Tax Act for the violation of sec. 269T provisions. The tribunal found that the assessee had provided a reasonable cause for the failure to comply with sec. 269T regarding loan repayments exceeding Rs.20,000 in cash. By evaluating the legal provisions and explanations given by the assessee, the tribunal concluded that the penalty was unjustified, directing the assessing officer to delete it. The appeal was allowed in favor of the assessee based on the tribunal's decision. Case-Laws Income Tax Mon, 13 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233998