https://www.taxtmi.com/caselaws?id=427819 The Tribunal allowed the appeal filed by the assessee and deleted the penalty imposed under section 271D of the I.T. Act. The Tribunal considered the unique circumstances, including the NRI status of the assessee, the urgency to finalize transactions during the demonetization period, and the involvement of the assessee's elderly father in the deals, as constituting a 'reasonable cause' under section 273B. Emphasizing the importance of assessing each case individually, the Tribunal ruled that the penalty was unwarranted in this situation, highlighting the application of legal principles and judicial precedent in determining penalties under tax laws. en-us Wed, 14 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427819 The Tribunal allowed the appeal filed by the assessee and deleted the penalty imposed under section 271D of the I.T. Act. The Tribunal considered the unique circumstances, including the NRI status of the assessee, the urgency to finalize transactions during the demonetization period, and the involvement of the assessee's elderly father in the deals, as constituting a 'reasonable cause' under section 273B. Emphasizing the importance of assessing each case individually, the Tribunal ruled that the penalty was unwarranted in this situation, highlighting the application of legal principles and judicial precedent in determining penalties under tax laws. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427819