Assessing Officer levied penalty on assessee which is a non-banking finance company, which had accepted cash deposit in violation of section 269SS. High Court deleted penalty on ground that depositors belonged to rural areas where adequate banking facilities were not available. Order of High Court is affirmed. (AY. 2009-10)
CIT v. Sahara India Financial Corp. Ltd. (2023) 456 ITR 788 / 295 Taxman 2 (SC) Editorial: Order of Delhi High Court is affirmed, CIT v. Sahara India Financial Corp. Ltd (2012) 26 taxmann.com 269 (Delhi)(HC)
S. 271D : Penalty-Takes or accepts any loan or deposit-Acceptance of loans and deposits-Otherwise than by account payee cheque or account payee bank draft-Reasonable cause-Order of High Court deleting the penalty is affirmed. [S. 269SS, 273B]