2006 (9) TMI 621

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..... y the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, arising out of its order dated 18.1.1994 in ITA No.331(ASR)/1993, in respect of assessment year 1991-92:- Whether, on the facts and in the circumstances of the case, the Tribunal is justified in cancelling the penalty of Rs.3,14,955/- confirmed by the Commissioner of Income Tax (Appeals) out of Rs.3,36,255/- levied by the Deputy Co .....

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..... vant part of the circular is reproduced below:- 3. A number of references have been received by the Board seeking clarification whether the sale proceeds of agricultural commodities, left over by the agriculturists with their 'Kacha Arhatiyas', would also come within the ambit of deposit of any nature necessitating its repayment by an account payee cheque as provided under section 269T .....

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..... nt Director of Inspection (Investigation) v. Kum.A.B.Shanthi, (2002) 255 ITR 258, it was held that if cash payment was on account of reasonable belief, penalty will not be justified. It was observed at Page 266:- It is important to note that another provision, namely section 273B was also incorporated which provides that notwithstanding anything contained in the provisions of section 271D, no .....

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