https://www.taxtmi.com/caselaws?id=764803 ITAT Pune held that penalty under section 271E for violating section 269T provisions was not leviable due to reasonable cause under section 273B. The assessee made loan repayments through modes other than account payee cheques/drafts. While transactions with related parties attracted penalty, adjustments of security deposits against outstanding receivables from Customer Sales Agents through journal entries constituted reasonable cause. Following Ajitnath Hi-Tech Builders precedent, the tribunal deleted the penalty despite technical breach of section 269SS, finding reasonable cause for the violation and deciding in favor of the assessee. en-us Wed, 15 Jan 2025 00:00:00 +0530 Fri, 17 Jan 2025 20:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764803 ITAT Pune held that penalty under section 271E for violating section 269T provisions was not leviable due to reasonable cause under section 273B. The assessee made loan repayments through modes other than account payee cheques/drafts. While transactions with related parties attracted penalty, adjustments of security deposits against outstanding receivables from Customer Sales Agents through journal entries constituted reasonable cause. Following Ajitnath Hi-Tech Builders precedent, the tribunal deleted the penalty despite technical breach of section 269SS, finding reasonable cause for the violation and deciding in favor of the assessee. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764803