Section 269SS not apply when explanation given constitutes reasonable cause

Padmanabha Mangalore Chowta Vs Addl/Joint Commissioner of Income-Tax (ITAT Bangalore) ITAT Bangalore held that provisions of section 269SS of the Income Tax Act cannot be applied when explanation given by the assesse constitutes a reasonable cause. Accordingly, concluded that bonafide business transaction cannot be considered for levying the penalty u/s 271D of the Act. Facts- The assessee is an individual whose assessment has been completed for A.Y. 2017-18 on 31.10.2019 u/s 143(3) of the Income-tax Act,1961. There was an audit objection raised by ITO that the assessee has sold an immovable p...