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TMI Blog2021 (1) TMI 408X X X X Extracts X X X X X X X X Extracts X X X X ..... ks were not available with the staff - For repayment of cash of L T Finance Ltd. as submitted that the account had to be closed immediately, so as to clear the finance, obtain a NOC so as to sell a lorry - HELD THAT:- Penalty in this case has to be deleted, the assessee was prevented by the reasonable cause in making the repayment of finances otherwise than by way of cheque. Even otherwise the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. - I.T.A. No. 2264/Kol/2019 - - - Dated:- 6-1-2021 - J. Sudhakar Reddy, Member (A) And A.T. Varkey, Member (J) For the Respondents : Ranu Biswas, Addl. CIT ORDER J. Sudhakar Reddy, Member (A) 1. This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax-(A)-6, Kolkata dated 14.03.2019 passed u/s. 250 of the Income Tax Act, 1961 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew that the assessee had paid four installments of ₹ 1,32,000/- each on 16.05.2012, 16.06.2012, 16.07.2012 and 16.08.2012 respectively in cash, towards the re-payment of finance taken by him from M/s. Sundaram Finance Ltd. for the purchase of lorry. Further the AO find that the assessee had paid in cash an amount of ₹ 1,26,118/- to M/s. L T Finance Ltd. on 13.07.2012 towards repaymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A) agreed with the view of the Assessing Officer. 6. In our view, the penalty in this case has to be deleted, the assessee was prevented by the reasonable cause in making the repayment of finances otherwise than by way of cheque. Even otherwise the transactions are genuine. Both the Assessing Officer as well as the Ld. CIT(A) have not doubted the genuineness of the transactions. It is al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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