https://www.taxtmi.com/caselaws?id=779162 ITAT (Guwahati) allowed the appeal and set aside the CIT(A) finding, directing the AO to delete the penalty under section 271D. The tribunal found the assessee's receipts arose from income exempt under section 10(26), noted the transaction was not agricultural income, and observed Revenue did not prove whether the purchaser enjoyed similar exemption. Given the exemption and circumstances, the tribunal held there was a "reasonable cause" under section 273B to avoid imposition of the penalty. en-us Mon, 20 Jan 2025 00:00:00 +0530 Tue, 30 Sep 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779162 ITAT (Guwahati) allowed the appeal and set aside the CIT(A) finding, directing the AO to delete the penalty under section 271D. The tribunal found the assessee's receipts arose from income exempt under section 10(26), noted the transaction was not agricultural income, and observed Revenue did not prove whether the purchaser enjoyed similar exemption. Given the exemption and circumstances, the tribunal held there was a "reasonable cause" under section 273B to avoid imposition of the penalty. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779162