https://www.taxtmi.com/caselaws?id=10604 The High Court upheld the cancellation of a penalty imposed under section 271E of the Income-tax Act, finding that the assessee had shown a reasonable cause for non-compliance with section 269T. The Court agreed with the lower authorities' determination that the breach was unintentional, lacked tax evasion intent, and did not result in revenue loss. Emphasizing the genuineness of the transactions and absence of deliberate defiance, the Court dismissed the Revenue's appeal, affirming the assessee's demonstration of reasonable cause for the non-compliance. en-us Tue, 22 Feb 2005 00:00:00 +0530 Mon, 20 Jul 2009 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10604 The High Court upheld the cancellation of a penalty imposed under section 271E of the Income-tax Act, finding that the assessee had shown a reasonable cause for non-compliance with section 269T. The Court agreed with the lower authorities' determination that the breach was unintentional, lacked tax evasion intent, and did not result in revenue loss. Emphasizing the genuineness of the transactions and absence of deliberate defiance, the Court dismissed the Revenue's appeal, affirming the assessee's demonstration of reasonable cause for the non-compliance. Case-Laws Income Tax Tue, 22 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10604