Penalty u/s 271E Set Aside for Reasonable Cause in Non-Compliance of Section 269T

Kamaljeet Kaur Gill Vs Joint Commissioner of Income Tax (Chhattisgarh High Court) Chhattisgarh High Court held that reasonable cause has been shown for non-compliance with the provisions contained in Section 269T of the Act and further it is not disputed that the transaction is genuine and bona fide. Thus, appeal allowed and imposition of penalty u/s. 271E set aside. Facts- The appellant’s assessment u/s. 143(3) r.w.s. 147 of the Income Taxt Act, 1961 for the assessment year 2015-16 was completed on 26-12-2017, however, in the assessment proceeding, AO held that the assessee has made rep...