https://www.taxtmi.com/caselaws?id=759928 The ITAT Chennai held that penalty under section 271E read with section 269T was not sustainable due to reasonable cause under section 273B. The tribunal found that cash repayment of loan to NBFC was not free from doubt, particularly considering RBI Notification dated March 9, 2017. The transaction was routed through banking channels and was genuine in nature. Given the peculiar facts and plausible alternative view provided by RBI notification, reasonable cause existed for the cash transaction. The penalty was deleted and assessee's appeal was allowed. en-us Fri, 27 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759928 The ITAT Chennai held that penalty under section 271E read with section 269T was not sustainable due to reasonable cause under section 273B. The tribunal found that cash repayment of loan to NBFC was not free from doubt, particularly considering RBI Notification dated March 9, 2017. The transaction was routed through banking channels and was genuine in nature. Given the peculiar facts and plausible alternative view provided by RBI notification, reasonable cause existed for the cash transaction. The penalty was deleted and assessee's appeal was allowed. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759928