https://www.taxtmi.com/caselaws?id=334858 The Appellate Tribunal ITAT Mumbai allowed the appeal of the assessee, overturning the penalty imposed under Section 271E. The Tribunal found that the repayment was made through an account payee cheque, not in cash, and deemed there was a reasonable cause for the transaction. Consequently, the penalty was deleted, and the assessee's appeal was upheld. en-us Tue, 04 Oct 2016 00:00:00 +0530 Tue, 22 Nov 2016 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334858 The Appellate Tribunal ITAT Mumbai allowed the appeal of the assessee, overturning the penalty imposed under Section 271E. The Tribunal found that the repayment was made through an account payee cheque, not in cash, and deemed there was a reasonable cause for the transaction. Consequently, the penalty was deleted, and the assessee's appeal was upheld. Case-Laws Income Tax Tue, 04 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334858