https://www.taxtmi.com/caselaws?id=398348 The Tribunal allowed the appeals, canceling penalties under sections 271D and 271E due to reasonable cause for non-compliance with sections 269SS and 269T. The validity of penalty orders was upheld as the Assessing Officer had recorded satisfaction during assessment proceedings. The applicability of sections 269SS and 269T was not definitively ruled upon, and the limitation period issue was deemed academic. The assessee's reasonable cause for non-compliance was accepted based on past practice and operational circumstances, leading to the cancellation of penalties. en-us Thu, 10 Sep 2020 00:00:00 +0530 Sat, 12 Sep 2020 00:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398348 The Tribunal allowed the appeals, canceling penalties under sections 271D and 271E due to reasonable cause for non-compliance with sections 269SS and 269T. The validity of penalty orders was upheld as the Assessing Officer had recorded satisfaction during assessment proceedings. The applicability of sections 269SS and 269T was not definitively ruled upon, and the limitation period issue was deemed academic. The assessee's reasonable cause for non-compliance was accepted based on past practice and operational circumstances, leading to the cancellation of penalties. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398348