2010 (10) TMI 119

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..... - Assessee contended that persons from whom the loan were taken were agriculturist and in emergency the amount has been taken in cash - Held that: - no error in the impugned order of the Tribunal. Under section 273 B of the Act in case it is established that there was the reasonable cause in accepting the deposit in cash - penalty is not leviable - 634 of 2007 - - - Dated:- 5-10-2010 - YATI .....

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..... sh. The assessing authority has not made any addition under section 68 of the Act. 4. The Commissioner of the Income Tax (Appeal) by order dated 3.1.2005 allowed the appeal and deleted the penalty. Being aggrieved by order of the Commissioner of the Income Tax (Appeal), revenue filed appeal before the Income Tax Appellate Tribunal (the Tribunal). The Tribunal by the impugned order, dismissed t .....

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