2011 (2) TMI 1188

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..... usion of the Tribunal has to be upheld because there is no tax evasion involved or black money introduced in business in cash - Decided in favor of the assessee. - ITA.No. 237 of 2010 - - - Dated:- 4-2-2011 - MR. Justice C.N.RAMACHANDRAN NAIR, MR. Justice B.P.RAY, JJ. For Appellent :SRI.JOSE JOSEPH, SC, FOR INCOME TAX For Respondent :SRI.ANIL D. NAIR J U D G M E N T Rama .....

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..... ese persons levied penalty under Section 271D, which is an amount equal to the loan amount. Even though first appeal was unsuccessful, the Tribunal accepted the explanation offered by the assessee under Section 273B and cancelled the penalty, against which this appeal is filed. 4. Before us, learned Senior counsel for the Revenue contended that the explanation of the assessee, which was ac .....

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..... nd gave it to the respondent assessee. When factual position of source of fund is accepted by the Department, necessarily, the conclusion of the Tribunal has to be upheld because there is no tax evasion involved or black money introduced in business in cash. We feel, furnishing of source of lenders accepted by the Department itself is reasonable cause against levy of penalty because when source is .....

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