ITAT issues guidelines for stay of demand.
Started by plusindian, January 03, 2012, 05:14:02 PM
QuotePenalty for failure to comply with the provisions of section 269T.271E. 60[(1)] If a person repays any 61[loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the 61[loan or] deposit so repaid.]62[(2) Any penalty imposable under sub-section (1) shall be imposed by the 63[Joint] Commissioner.]
Quote273B. Notwithstanding anything contained in the provisions of 53[clause (b) of sub-section (1) of] 54[section 271, section 271A, 55[section 271AA,] section 271B 56[, section 271BA], 57[section 271BB,] section 271C, 58[section 271CA,] section 271D, section 271E, 59[section 271F, 60[section 271FA,] 61[section 271FB,] 62[section 271G,]] clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA] or 63[section 272B or] 64[sub-section (1) 65[or sub-section (1A)] of section 272BB or] 66[sub-section (1) of section 272BBB or] clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause67 for the said failure.]