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TMI Blog2019 (3) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... ount has been taken from the company in which assessee is a director and shareholder. In these circumstances section 273B comes to the rescue of the assessee. The said section provides that the impugned penalty need not be levied if there was reasonable cause for the transgression by the assessee. Reasonable cause given by the assessee for taking the said cash loan duly mandate that levy of pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ains to assessment year 2009-10. 2. The grounds of appeal read as under: On the facts and in the circumstances of the case - 1. The Ld. Commissioner of Income tax (Appeals) erred in upholding the penalty of ₹ 4,00,000/- levied under section 271D of the Act by the Assessing Officer. 3. Brief facts of the case are that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as taken is a Company in which assessee is a Director and Shareholder. He submitted that the other Shareholder in the Company is the assessee's wife. He further, claimed that on different occasions to meet urgent business needs assessee took cash loans. Learned counsel submitted that assessee was under a bona fide belief that such loans do not attract the rigours of provisions of section 269SS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In this regard, we also place reliance upon the decision of Hon ble Supreme Court in the case of Hindustan Steel vs. State of Orissa 83 ITR 26 that penalty for technical and venial breach may not be levied. Accordingly we delete the levy of penalty in this case. 7. In the result this appeal by the assessee stands allowed Order pronounced in the open court on this d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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