2006 (9) TMI 621

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.... Advocate, for the revenue. JUDGMENT: Following question of law has been referred by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, arising out of its order dated 18.1.1994 in ITA No.331(ASR)/1993, in respect of assessment year 1991-92:- "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in cancelling the penalty of Rs.3,14,955/- con....

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....selling goods belonging to an agriculturist was not covered under Section 269T of the Act. Relevant part of the circular is reproduced below:- "3. A number of references have been received by the Board seeking clarification whether the sale proceeds of agricultural commodities, left over by the agriculturists with their 'Kacha Arhatiyas', would also come within the ambit of deposi....

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.... Even otherwise, the Tribunal held that the cash transaction was duly explained by the assessee. In Assistant Director of Inspection (Investigation) v. Kum.A.B.Shanthi, (2002) 255 ITR 258, it was held that if cash payment was on account of reasonable belief, penalty will not be justified. It was observed at Page 266:- "It is important to note that another provision, namely section 273B wa....