Penalty Imposed u/s 271G for Non-Compliance with Rule 10D; Assessee Cites Reasonable Cause u/s 273B.

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....Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under section 273B - assessee has a belief that such information is not required as well as not available, therefore , the assessee has ‘reasonable cause’ under section 273B of the Act for not maintaining the same. For failure as envisaged subject to penalty u/s 271G, if such failure is because of reasonable cause, no penalty can be levied. - AT....