Dismissing the appeal of the revenue the Court held that the Tribunal is justified in deleting the penalty on ground that depositors belonged to rural areas where adequate banking facilities were not available. (AY. 2009-10)
PCIT v. Sahara India Financial Corpn. Ltd. (2020) 119 taxmann.com 284 (Delhi)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Sahara India Financial Corpn. Ltd. (2020) 274 Taxman 214 (SC)
S. 271D : Penalty-Takes or accepts any loan or deposit-Depositors belonged to rural areas where adequate banking facilities were not available-Deletion of penalty is held to be justified. [S. 269SS]