https://www.taxtmi.com/caselaws?id=404353 The Income Tax Appellate Tribunal (ITAT) found that the assessee had a reasonable cause for its failure to comply with Section 269SS, warranting immunity under Section 273B. The penalty imposed under Section 271D was deleted, and the appeal of the assessee was allowed. The ITAT's decision was based on the bona-fide belief of the assessee, immediate corrective action taken, and lack of evidence showing an intention to evade taxes. The order of the Commissioner of Income Tax (Appeals) was set aside, and the Assessing Officer was directed to delete the penalty. en-us Wed, 17 Feb 2021 00:00:00 +0530 Mon, 22 Feb 2021 09:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404353 The Income Tax Appellate Tribunal (ITAT) found that the assessee had a reasonable cause for its failure to comply with Section 269SS, warranting immunity under Section 273B. The penalty imposed under Section 271D was deleted, and the appeal of the assessee was allowed. The ITAT's decision was based on the bona-fide belief of the assessee, immediate corrective action taken, and lack of evidence showing an intention to evade taxes. The order of the Commissioner of Income Tax (Appeals) was set aside, and the Assessing Officer was directed to delete the penalty. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404353