2006 (9) TMI 102

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....102 of 1999. This appeal has been preferred by the revenue proposing following substantial question of law : "Whether, on the facts and in the circumstances of the case, the Ld. Income-tax Appellate Tribunal was right in law in upholding the deletion of penalty under section 271E by the Commissioner of Income-tax (Appeals) on the ground that the assessee company was under bona fide belief t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntly, penalty under section 271E was imposed by the then Deputy Commissioner of Income-tax, Range I, Jalandhar at Rs.10,000 vide order passed by him on October 21,1991. 3. On appeal, the Commissioner of Income-tax (Appals) Jalandhar deleted the said penalty vide his order passed in appeal No.700/91-92/CIT(A)/Jal., on November 16, 1992, holding that its imposition was not justified. The said ord....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ision if he proves that there as reasonable cause for such failure and if the assessee proves that there was reasonable cause for such failure to take a loan otherwise than by account-payee cheque or account-payee demand draft, then the penalty may not be levied. Therefore, undue hardship is very much mitigated by the inclusion of section 273B in the Act. If there was a genuine and bona fide trans....