2015 (4) TMI 1194

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....etpalle Branch while restricting the similar penalty of Rs. 1,05,300 imposed in the case of NTPC Branch to the extent of Rs. 35,100. 2. The assessees in the present case are the Branches of State Bank of India. Notices under section 133(6) of the Act were issued by the A.O. to both the assessees calling for information in respect of specific areas as under : Date of Notice Code No. Code under which information was called for 27.09.2010 Code No.003 Time deposits exceeding Rs. 2 lakhs with banking company 27.09.2010 Code No.006 Payment in cash for purchase of bank drafts or pay orders or bankers' cheque from a banking company of an amount aggregating to Rs. 1,00,000 or more during any one day. 27.09.2010 Co....

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.... in October, 2011 and the same was immediately submitted to the A.O. on 15.10.2011. It was contended on behalf of the assessee before the Ld. CIT(A) that there was thus a reasonable cause for the delay on the part of the assessee to furnish the required information in response to the notices issued under section 133(6) the said delay not being intentional or willful, penalties imposed by the A.O. under section 272A(2)(c) were not justified. 4. After taking into consideration the submissions of the assessees as well as the material available on record before him, the Ld. CIT(A) restricted penalty of Rs. 1,05,300 to Rs. 35,100 in the case of NTPC Branch vide paragraph No.5 of his impugned order as under : "5. A penalty for non-com....