https://www.taxtmi.com/caselaws?id=335974 The High Court upheld the decision to delete the penalty under Section 271D for violation of Section 269SS of the Income Tax Act, 1961 for the assessment year 2007-08. The court found that the deposits were genuine, accepted, and explained, with no malafides involved. The exercise of discretion not to levy the penalty was considered reasonable and not arbitrary. The appellant's arguments regarding the applicability of a CBDT circular and judicial precedent were dismissed, and the appeal was ultimately rejected as no substantial question of law was raised. en-us Fri, 02 Dec 2016 00:00:00 +0530 Tue, 13 Dec 2016 12:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335974 The High Court upheld the decision to delete the penalty under Section 271D for violation of Section 269SS of the Income Tax Act, 1961 for the assessment year 2007-08. The court found that the deposits were genuine, accepted, and explained, with no malafides involved. The exercise of discretion not to levy the penalty was considered reasonable and not arbitrary. The appellant's arguments regarding the applicability of a CBDT circular and judicial precedent were dismissed, and the appeal was ultimately rejected as no substantial question of law was raised. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335974