https://www.taxtmi.com/caselaws?id=769656 Chhattisgarh HC held that penalty u/s 271E for violating Section 269T provisions regarding loan repayment exceeding twenty thousand rupees in cash was not imposable. The court found that appellant demonstrated reasonable cause u/s 273B, as the cash payment was made at the insistence of the finance corporation through its letter dated 5-11-2012. The transaction was genuine and bona fide without tax avoidance motive. All three authorities erred in ignoring Section 273B provisions while imposing penalty. Orders of AO, first appellate authority, and second appellate authority were set aside, with substantial question of law decided in favor of assessee. en-us Thu, 24 Apr 2025 00:00:00 +0530 Tue, 29 Apr 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769656 Chhattisgarh HC held that penalty u/s 271E for violating Section 269T provisions regarding loan repayment exceeding twenty thousand rupees in cash was not imposable. The court found that appellant demonstrated reasonable cause u/s 273B, as the cash payment was made at the insistence of the finance corporation through its letter dated 5-11-2012. The transaction was genuine and bona fide without tax avoidance motive. All three authorities erred in ignoring Section 273B provisions while imposing penalty. Orders of AO, first appellate authority, and second appellate authority were set aside, with substantial question of law decided in favor of assessee. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769656