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Topics - plusindian

#1
Discussion / Violation of 269 TT and reasonable grounds
January 03, 2012, 05:14:02 PM
The assessee repaid deposits in case violationg provisions of section 269 TT. Penalty proceedings have been initiated.

The assessee repais in cash because of bad financial health. During the year more than 2500 cheques bounced as there was no balance in the Bank. Total creditors are more than purchases.

As lenders refused to accept cheques, the assessee repaid in cash.

Is it a valid ground for not levying penalty under setion 271 E.