https://www.taxtmi.com/caselaws?id=181826 The Tribunal upheld the decision of the ld. CIT(Appeals) to quash the penalty imposed under section 271D of the Income Tax Act, 1961 for the assessment year 1998-99. The penalty was deleted based on the genuine and reasonable cause shown by the assessee for accepting cash cheques from a relative for commercial expediency as a PWD contractor facing urgent financial needs. The Tribunal emphasized that penalties should not be imposed for technical breaches when genuine and reasonable causes are established, in line with Section 273B, dismissing the Revenue's appeal. en-us Fri, 08 Jul 2011 00:00:00 +0530 Mon, 25 Apr 2016 18:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181826 The Tribunal upheld the decision of the ld. CIT(Appeals) to quash the penalty imposed under section 271D of the Income Tax Act, 1961 for the assessment year 1998-99. The penalty was deleted based on the genuine and reasonable cause shown by the assessee for accepting cash cheques from a relative for commercial expediency as a PWD contractor facing urgent financial needs. The Tribunal emphasized that penalties should not be imposed for technical breaches when genuine and reasonable causes are established, in line with Section 273B, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 08 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181826