https://www.taxtmi.com/caselaws?id=346561 The Tribunal dismissed the revenue's appeal challenging the penalty imposed under Section 271E of the Income Tax Act for violating Section 269T. The Tribunal found that the respondent had shown reasonable cause for the cash repayments exceeding &8377; 20,000, emphasizing the discretionary nature of penalties and citing a precedent from the Punjab & Haryana High Court. The decision highlighted the importance of factual findings and sound reasoning in demonstrating reasonable cause for non-compliance with statutory provisions, leading to the dismissal of the appeal. en-us Tue, 08 Aug 2017 00:00:00 +0530 Fri, 18 Aug 2017 08:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346561 The Tribunal dismissed the revenue's appeal challenging the penalty imposed under Section 271E of the Income Tax Act for violating Section 269T. The Tribunal found that the respondent had shown reasonable cause for the cash repayments exceeding &8377; 20,000, emphasizing the discretionary nature of penalties and citing a precedent from the Punjab & Haryana High Court. The decision highlighted the importance of factual findings and sound reasoning in demonstrating reasonable cause for non-compliance with statutory provisions, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 08 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346561