Jitu Builders (P) Ltd. vs Additional Commissioner Of Income Tax

Authority: ITAT Tribunal/Court: Ahmedabad Date: 2012-09-04 AY: 2000-01 Section: 2(29A), 2(42A), 2(42B), 54, 54F, 55(2), 158B(b), 158BB Acts: Income Tax Act 1961 Result: Assessee Citation: (2009) 125 TTJ (Ahd)(TM) 721 : (2010) 124 ITD 134 : (2009) 29 DTR 458 Justices: R.V. Easwar, Vice President; T.K. Sharma, J.M. "," P.K. Bansal, A.M. Appeal No: ITA No. 1905/Ahd/2006; Asst. yr. 2002-03
Whether penalty under section 271D for violation of section 269SS can be imposed when the assessee claims reasonable cause under section 273B for accepting cash loan of Rs. 15,00,000 for business expediency in land purchase negotiations --- Held No, penalty deleted as assessee proved reasonable cause.

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