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2018 (3) TMI 1469
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....he appellant assails order of the tribunal dismissing the appeal of the revenue and confirming the order passed by the Commissioner (Appeals). 2. Mr. Sharma, the learned advocate for the appellant submits that the respondent assessee has violated section 269 SS of the Income Tax Act. Accepted deposits over Rs. 20,000/in cash. The respondent assessee is situated at Pachora. The Banking facility ....
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....wise explainable would not absolve a party from penalty under section 271 D of the Act in absence of a reasonable cause. 5. In the present matter it has been observed by the Commissioner (Appeals) and the Tribunal concurrently that the auditor of the respondent advised that Section 269SS of the Act are not applicable to the assessee on the ground that assessee's business is akin to the bank....