https://www.taxtmi.com/caselaws?id=456912 The Tribunal upheld the deletion of the Rs. 95,50,000/- penalty under Section 271D, as it was based on presumption without concrete evidence. It also deleted the enhanced penalty of Rs. 23,50,000/- for bearer cheque transactions, recognizing the assessee's bona fide impression and ignorance of the law as a reasonable cause under Section 273B. The Revenue's appeal was dismissed, and the assessee's appeal was allowed. en-us Fri, 20 May 2011 00:00:00 +0530 Sat, 24 Aug 2024 10:52:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456912 The Tribunal upheld the deletion of the Rs. 95,50,000/- penalty under Section 271D, as it was based on presumption without concrete evidence. It also deleted the enhanced penalty of Rs. 23,50,000/- for bearer cheque transactions, recognizing the assessee's bona fide impression and ignorance of the law as a reasonable cause under Section 273B. The Revenue's appeal was dismissed, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456912