https://www.taxtmi.com/caselaws?id=381592 The Appellate Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271D of the Income Tax Act. The Tribunal found that the penalty was levied without proper consideration of the explanation provided by the assessee, emphasizing the importance of establishing a reasonable cause before imposing penalties. The decision highlighted the necessity for tax authorities to thoroughly assess taxpayer explanations and base penalties on a proper understanding of the facts, rather than on incorrect assumptions. en-us Wed, 12 Jun 2019 00:00:00 +0530 Fri, 14 Jun 2019 07:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381592 The Appellate Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271D of the Income Tax Act. The Tribunal found that the penalty was levied without proper consideration of the explanation provided by the assessee, emphasizing the importance of establishing a reasonable cause before imposing penalties. The decision highlighted the necessity for tax authorities to thoroughly assess taxpayer explanations and base penalties on a proper understanding of the facts, rather than on incorrect assumptions. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381592