Jayantilal Voashnav HUF v .JCIT ( Mum) (Trib) www.itatonline.org

S. 271E : Penalty – Repayment of loan or deposit – Reasonable cause – Levy of penalty is not valid [ S. 269T, 273B ]

Deleting the  penalty the Tribunal held that the repayment was made in cash as the cheques were dishonoured  and people have gheraoed the business premises. Explanation  submitted showed a reasonable cause hence the penalty levied was deleted . ( Followed   ADIT  v.Kumari  A. R.Shanti  (2008)  255 ITR 258 (SC)   Suresh R. Solanki  v.  ACIT (2014) (4)TMl  557 -ITAT Mumbai )  ( ITA No 5391/ M/ 2003 dt 16-10 -2015 ) (AY. 2009-10)