Assessee, a partnership firm, engaged in business of trading in rubber sheet, rubber crepe, rubber scrap, latex etc. received certain amount \u00a0during financial year 2007-08\u00a0 which was repaid \u00a0on different dates. The Assessing Officer levied the penalty on the ground that the amount was repaid on different dates. The Assessing Officer levied the penalty on the ground that repayment was not made \u00a0in accordance with requirements of section 269T of the Act. CIT (A) confirmed the order of the Assessing Officer. \u00a0Tribunal held that there was no violation of section 269T and that bona fide belief claimed by assessee constitutes reasonable cause for deleting penalty under section 273B and accordingly set aside penalty order. On appeal considering the additional documents brought on record, may invite fresh examination of bona fide belief or reasonable cause that assessee had for not following requirement of law.\u00a0 Matter remanded to the\u00a0 Tribunal for disposal in accordance with la (AY. 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271E : Penalty-Repayment of loan or deposit-Documents which was before the Tribunal which was not brought on record-Matter remanded to the Tribunal for for fresh examination. [S. 269T, 273B] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28083","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7iX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28083"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28083\/revisions"}],"predecessor-version":[{"id":28084,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28083\/revisions\/28084"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}