Urgency to ensure honouring of cheque constitute a reasonable cause u/s. 273B

ITAT DELHI BENCH ‘E’ NJP Hospitality (P.) Ltd. Versus Income-tax Officer, Ward – 13(1) IT APPEAL NO. 4062 (Delhi) OF 2011 [ASSESSMENT YEAR 2007-08] Date of Pronouncement – 19.09.2012 ORDER Chandra Mohan Garg, Judicial Member   This appeal has been preferred by the assessee against the order of the CIT(A)-XVI, New Delhi dated 28.04.2011 for AY 2007-08 confirming the levy of penalty by the AO u/s 271E of the Income Tax Act(hereinafter referred to as the Act). 2. The grounds of appeal read as under:- “1. The ld. ACIT erred in confirming order of ...