https://www.taxtmi.com/caselaws?id=373682 The Tribunal allowed the appeal, deleting the penalty imposed under section 271D of the Income-tax Act, 1961. The Tribunal accepted the assessee's reasonable cause defense, considering financial difficulties and existing liabilities as justifications for violating section 269SS. The penalty of Rs. 88,18,000 was deleted based on the assessee's explanation, supported by the financial situation and asset-liability mismatch. The Tribunal did not address the limitation issue, focusing solely on the merit of the case and ultimately ruling in favor of the assessee by deleting the penalty. en-us Tue, 15 Jan 2019 00:00:00 +0530 Wed, 20 Mar 2019 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373682 The Tribunal allowed the appeal, deleting the penalty imposed under section 271D of the Income-tax Act, 1961. The Tribunal accepted the assessee's reasonable cause defense, considering financial difficulties and existing liabilities as justifications for violating section 269SS. The penalty of Rs. 88,18,000 was deleted based on the assessee's explanation, supported by the financial situation and asset-liability mismatch. The Tribunal did not address the limitation issue, focusing solely on the merit of the case and ultimately ruling in favor of the assessee by deleting the penalty. Case-Laws Income Tax Tue, 15 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373682