2008 (4) TMI 720

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....the following four questions for the opinion of this Court under s. 256(1) of the IT Act, 1961 (the Act) at the instance of the CIT. R.A. No. 713/Ahd/1997 : Whether the Tribunal is right in law and on facts in cancelling the penalty levied under s. 271D ? Whether the Tribunal has correctly appreciated the facts on records so as to cancel the penalty levied ? R.A. No. 714/Ahd/1997 : Whether t....

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....iod December, 1987 to March, 1989 total transactions in the name of Manal Anandkumar was Rs. 18,374. Therefore, for the financial year 1989-90 the opening balance was Rs. 18,374. Cheque of Rs. 15,000 was given on 25th July, 1989 and Rs. 5,000 on 23rd Oct., 1989. The cheque were also given on 15th Dec., 1989 and 20th Dec., 1989, only a sum of Rs. 2,100 was paid in cash. It was submitted that this p....

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.... by the Tribunal that the assessee has reasonable cause in accepting the amount in cash. 6. In relation to the two questions referred under reference application No. 714/Ahd/1997, the AO noted that the assessee had paid certain amount in cash totalling to Rs. 2,11,531 and, therefore, imposed a penalty of Rs. 71,500 under s. 271E of the Act. The CIT(A) confirmed the said penalty.   7. In....