AO
levied penalty u/s 271D since the assessee had accepted certain deposits in cash.
CIT(A) and ITAT found that assessee was supposed to show certain bank balance
for obtaining U.S. visa for his son and hence, he accepted the said cash
deposits. CIT(A) and ITAT found it to be a reasonable cause for accepting
deposits in cash and deleted the said penalty. The said view was upheld by the
Hon’ble High Court also.
[PANACHAND
HIRALAL LUNECHIA - TAX APPEAL NO.239 of 2012 - GHC]
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