https://www.taxtmi.com/caselaws?id=9626 The High Court upheld the deletion of the penalty imposed under section 271D for accepting cash deposits exceeding Rs. 20,000, citing the absence of banking facilities for depositors as a reasonable cause for non-compliance. The court emphasized the genuine and bona fide nature of the transactions and upheld the lower authorities' decisions, concluding that penalties need not be levied when there are valid reasons for non-compliance with the law. The appeals were dismissed, affirming the Tribunal's order and the discretion exercised by the authorities. en-us Mon, 30 Jan 2006 00:00:00 +0530 Sun, 28 Jun 2009 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9626 The High Court upheld the deletion of the penalty imposed under section 271D for accepting cash deposits exceeding Rs. 20,000, citing the absence of banking facilities for depositors as a reasonable cause for non-compliance. The court emphasized the genuine and bona fide nature of the transactions and upheld the lower authorities' decisions, concluding that penalties need not be levied when there are valid reasons for non-compliance with the law. The appeals were dismissed, affirming the Tribunal's order and the discretion exercised by the authorities. Case-Laws Income Tax Mon, 30 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9626