https://www.taxtmi.com/caselaws?id=356046 The Court dismissed the stay application seeking to suspend the Income Tax Appellate Tribunal's order pending Appeal. The penalty imposed under Section 271D for breaching Section 269SS was upheld, with the Tribunal remanding the issue for further verification. The Court emphasized the distinction between ignorance of law and reasonable cause, highlighting that lack of formal education does not automatically imply ignorance of the law. The Court clarified that penalty under Section 271D is independent of income addition or deletion and applied relevant legal principles, ultimately denying the stay and dismissing the Notice of Motion. en-us Fri, 09 Feb 2018 00:00:00 +0530 Fri, 23 Feb 2018 06:03:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356046 The Court dismissed the stay application seeking to suspend the Income Tax Appellate Tribunal's order pending Appeal. The penalty imposed under Section 271D for breaching Section 269SS was upheld, with the Tribunal remanding the issue for further verification. The Court emphasized the distinction between ignorance of law and reasonable cause, highlighting that lack of formal education does not automatically imply ignorance of the law. The Court clarified that penalty under Section 271D is independent of income addition or deletion and applied relevant legal principles, ultimately denying the stay and dismissing the Notice of Motion. Case-Laws Income Tax Fri, 09 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356046