https://www.taxtmi.com/caselaws?id=255916 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271D of the Income Tax Act in a case where an assessee accepted cash deposits in contravention of the law. The Court found that the assessee had provided a reasonable cause for accepting the deposits in cash due to business exigencies, in line with relevant circulars. While ignorance of the law was not accepted as a valid excuse, the penalty deletion was upheld, resulting in a partial allowance of the reference in favor of the assessee. en-us Wed, 10 Dec 2014 00:00:00 +0530 Thu, 30 Jul 2015 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255916 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271D of the Income Tax Act in a case where an assessee accepted cash deposits in contravention of the law. The Court found that the assessee had provided a reasonable cause for accepting the deposits in cash due to business exigencies, in line with relevant circulars. While ignorance of the law was not accepted as a valid excuse, the penalty deletion was upheld, resulting in a partial allowance of the reference in favor of the assessee. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255916