2008 (12) TMI 33

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..... ther he acted in conscious disregard of its obligation, since the transactions were genuine and entered due to business exigency - this breach was a venial breach and flows from a bonafide belief. Therefore, the assessee was not liable to the penalties
ADARSH KUMAR GOEL and L. N. MITTAL JJ. Ms. Urvashi Dhugga, Standing Counsel for the Revenue. JUDGMENT [ADARSH KUMAR GOEL, J. (Oral)] - Reven .....

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..... on 269T of the Act. The penalty was thereafter levied. The CIT (A) upheld the penalty, but the Tribunal set aside the same. The Tribunal observed as under :- "In the present case also the assessee did not act deliberately in defiance of law and his conduct was not dishonest, neither he acted in conscious disregard of its obligation, since the transactions were genuine and entered due to business .....

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