https://www.taxtmi.com/caselaws?id=12108 Penalty under s.271D for breach of s.269SS was tested against s.273B, which vests discretion in the tax authority to forgo penalty if the assessee proves "reasonable cause" for taking/accepting a cash loan. The Tribunal's factual findings-urgent business exigency to meet time-bound export supplies, immediate bank deposit evidencing receipt, and absence of intent to contravene s.269SS-constituted exceptional circumstances amounting to reasonable cause. Since jurisdiction to waive penalty follows upon such satisfaction under s.273B, the Tribunal correctly set aside the penalty, and the HC upheld waiver of the penalty imposed by the revenue authorities. en-us Fri, 22 Mar 2002 00:00:00 +0530 Tue, 23 Dec 2025 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12108 Penalty under s.271D for breach of s.269SS was tested against s.273B, which vests discretion in the tax authority to forgo penalty if the assessee proves "reasonable cause" for taking/accepting a cash loan. The Tribunal's factual findings-urgent business exigency to meet time-bound export supplies, immediate bank deposit evidencing receipt, and absence of intent to contravene s.269SS-constituted exceptional circumstances amounting to reasonable cause. Since jurisdiction to waive penalty follows upon such satisfaction under s.273B, the Tribunal correctly set aside the penalty, and the HC upheld waiver of the penalty imposed by the revenue authorities. Case-Laws Income Tax Fri, 22 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12108