Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Brief of the Case ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary prudence acting under normal circumstances for taking such action. The reasonable cause has to be seen in the the judicious manner by stepping up in the shoes such person as to what were the circumstances under which he acted upon. In the given case the assessee has made repayments...