https://www.taxtmi.com/caselaws?id=442087 The ITAT allowed the appeal, directing the deletion of the penalty imposed under Section 271E of the Income Tax Act. The Tribunal found a reasonable cause for the cash payment of Rs. 3,90,000, which was used for an urgent land purchase by the partner's HUF. The Tribunal emphasized the provision of reasonable cause under Section 273B, aligning with precedent, and instructed the AO to delete the penalty. The decision was pronounced on 14th August 2023. en-us Mon, 14 Aug 2023 00:00:00 +0530 Wed, 18 Dec 2024 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442087 The ITAT allowed the appeal, directing the deletion of the penalty imposed under Section 271E of the Income Tax Act. The Tribunal found a reasonable cause for the cash payment of Rs. 3,90,000, which was used for an urgent land purchase by the partner's HUF. The Tribunal emphasized the provision of reasonable cause under Section 273B, aligning with precedent, and instructed the AO to delete the penalty. The decision was pronounced on 14th August 2023. Case-Laws Income Tax Mon, 14 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442087