Penalty u/s 272B cannot be imposed if there was reasonable cause of failure to quote valid PANs

Brief Facts of the case: The assessee filed quarterly e-TDS Quarterly statement of deduction of tax in Form No.26Q for the first quarter of the financial year 2009-10. On processing of the aforesaid return, it was observed that PANs of as many as 56 tax-deductees were invalid and the assessee deductor did not submit correct PANs in respect thereof. A show cause notice was issued u/s 272B wherein it was alleged that the assessee has contravened the provisions of Sec 139(5B) by providing invalid PANs. Similar notices were issued for the second, third and fourth quarter of FY 2009-10. Thus, in ag...