https://www.taxtmi.com/caselaws?id=56326 The Tribunal upheld the CIT(A)'s decision to delete a penalty of Rs. 2 lakhs under s. 271D of the IT Act. The penalty was imposed by the AO but was found unreasonable considering the cash deposits were made due to cheques not being cleared by the bank to avoid consequences under the Negotiable Instruments Act. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and emphasizing that the assessee's explanation for the cash deposits was reasonable. en-us Mon, 16 Aug 2004 00:00:00 +0530 Sun, 06 Feb 2011 04:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56326 The Tribunal upheld the CIT(A)'s decision to delete a penalty of Rs. 2 lakhs under s. 271D of the IT Act. The penalty was imposed by the AO but was found unreasonable considering the cash deposits were made due to cheques not being cleared by the bank to avoid consequences under the Negotiable Instruments Act. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and emphasizing that the assessee's explanation for the cash deposits was reasonable. Case-Laws Income Tax Mon, 16 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56326