2017 (8) TMI 619

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..... 2 - PUNJAB AND HARYANA High Court) and has held that if assessee shows reasonable cause for the failure to comply with any provisions referred thereto, the penalty for its violation shall not be imposable on the assessee. The Tribunal recorded a finding that the assessee has shown reasonable cause for making the payment in cash exceeding ₹ 20,000/-. The aforesaid finding is purely a finding .....

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..... 99/- under Section 271E of the Income Tax Act, 1961 was imposed by the assessing officer on the respondent for violating the provisions of Section 269T of the Income Tax Act as the respondent has made the repayment of deposits to various depositors in cash through various branches. The aforesaid order was upheld by the Commissioner of Income Tax (Appeals), Jammu vide order dated 06.12.2013. Thereu .....

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..... ndent was allowed. 5. The Tribunal has relied on a decision of Punjab Haryana High Court in the case of CIT v. Saini Medical Store: 277 ITR 420 (P H) and has held that if assessee shows reasonable cause for the failure to comply with any provisions referred thereto, the penalty for its violation shall not be imposable on the assessee. The Tribunal recorded a finding that the assessee has .....

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