https://www.taxtmi.com/caselaws?id=57277 The Tribunal held that the penalty imposed on the assessee for violating Section 269T of the Income Tax Act, 1961 was unjustified. It found that the non-compliance was due to genuine transactions made in good faith, with no intention of tax evasion. The Tribunal emphasized that the breach was technical and venial, warranting no penalty. Citing judicial precedents, it concluded that ignorance of the law by bank officials constituted a reasonable cause for non-compliance. As a result, the penalty was canceled, and the appeal was allowed. en-us Wed, 30 Jan 2002 00:00:00 +0530 Thu, 09 Dec 2010 12:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57277 The Tribunal held that the penalty imposed on the assessee for violating Section 269T of the Income Tax Act, 1961 was unjustified. It found that the non-compliance was due to genuine transactions made in good faith, with no intention of tax evasion. The Tribunal emphasized that the breach was technical and venial, warranting no penalty. Citing judicial precedents, it concluded that ignorance of the law by bank officials constituted a reasonable cause for non-compliance. As a result, the penalty was canceled, and the appeal was allowed. Case-Laws Income Tax Wed, 30 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57277