2019 (1) TMI 1991 - SCH - Income Tax

Penalty u/s 271D - failure to comply with Section 269SS - reasonable cause u/s 273B for entering into such transactions through journal entries - failure to comply with Section 269SS was on account of reasonable cause on the part of the respondents - as per HC view taken by the Tribunal in the impugned order holding that no penalty can be imposed upon the respondents as there was a reasonable cause in terms of Section 271B of the Act for having received loans / deposits through journal entries is at the very least is a possible view in the facts of the case - HELD THAT - We do not find any good ground to interfere with the impugned order passed by the High Court. The special leave petition is accordingly dismissed. Pending application(s) if any stands disposed of.

Summary

The Supreme Court dismissed the special leave petition as it found no good ground to interfere with the impugned order passed by the High Court. Delay was condoned, and any pending applications were disposed of.