https://www.taxtmi.com/caselaws?id=3383 The penalty under section 271E of the Income-tax Act, 1961, imposed on the assessee for repaying a deposit in cash was deleted. The Commissioner of Income-tax (Appeals) and the Tribunal found that the assessee had a bona fide belief that the deposit limit for cash transactions was Rs.20,000. Citing a Supreme Court case, it was held that if a cash payment was made due to a genuine belief, no penalty should be imposed. Therefore, the decision was in favor of the assessee, and the penalty was deleted. en-us Mon, 11 Sep 2006 00:00:00 +0530 Tue, 29 Jul 2008 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3383 The penalty under section 271E of the Income-tax Act, 1961, imposed on the assessee for repaying a deposit in cash was deleted. The Commissioner of Income-tax (Appeals) and the Tribunal found that the assessee had a bona fide belief that the deposit limit for cash transactions was Rs.20,000. Citing a Supreme Court case, it was held that if a cash payment was made due to a genuine belief, no penalty should be imposed. Therefore, the decision was in favor of the assessee, and the penalty was deleted. Case-Laws Income Tax Mon, 11 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3383