https://www.taxtmi.com/caselaws?id=462107 ITAT Raipur allowed the assessee's appeal against penalty u/s 271E imposed for cash repayment of hire purchase installments to NBFCs. The tribunal held that penalty was not justified as there was reasonable cause u/s 273B and bona fide belief that such payments wouldn't violate section 269T. The payees were identifiable, payment genuineness was undisputed, and revenue authorities made no allegation of tax evasion. Considering no penalty proceedings were initiated in previous years for similar transactions, the tribunal concluded the assessee had legitimate belief for making cash payments. en-us Tue, 25 Sep 2018 00:00:00 +0530 Fri, 23 May 2025 19:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462107 ITAT Raipur allowed the assessee's appeal against penalty u/s 271E imposed for cash repayment of hire purchase installments to NBFCs. The tribunal held that penalty was not justified as there was reasonable cause u/s 273B and bona fide belief that such payments wouldn't violate section 269T. The payees were identifiable, payment genuineness was undisputed, and revenue authorities made no allegation of tax evasion. Considering no penalty proceedings were initiated in previous years for similar transactions, the tribunal concluded the assessee had legitimate belief for making cash payments. Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462107