If assessee show that there was reasonable cause for taking money in cash, and amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally it is sufficient to hold that penalty under section 271D is not justified

IN THE ITAT HYDERABAD BENCH ‘A’ Andhra Bombay Carriers v. Additional Commissioner of Income-tax IT APPEAL NO. 425 (HYD.) of 2009 [ASSESSMENT YEAR 2003-04] MARCH 31, 2011  ORDER Chandra Poojari, Accountant Member.- This appeal by the assessee is directed against the order of the CIT(A), Vijayawada, dated 3 1-12-2008 and pertains to assessment year 2003-04. 2. The grievance of the assessee in this appeal is with regard to confirmation of penalty of Rs. 31,56,490 by the CIT(A). 3. Brief facts of the case are that the assessee is a partnership firm and engaged in the ...