Case Law Details
There is no dispute about the fact, that the instant cash transactions of the respondent-assessee were with the sister concern, and that, these transactions were between the family, and due to business exigency. A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof is contained in the compilation of accounts, and which has no tax effect, in our view establishes “reasonable cause” under Section 273B of the Act. Since the respondent- assessee, had satisfactorily established “reasonable cause” under Section 273B of the Act, he must be deemed to have established sufficient cause for not invoking the penal provisions (Sections 271D and 271E of the Act) against him.
HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
I.T.A. No. 777 of 2008, I.T.A. No. 778 of 2008
The Commissioner of Income Tax, Faridabad
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