HC upheld penalty U/s. 271D for Accepting Deposits from Staff Members in Cash as Assessee fails to prove reasonable cause

CIT Vs. M/s Al- Ameen  Educational Trust (Kerala High Court) Tribunal erred egregiously in deleting the penalty levied under Section 271D, on the facts disclosed and cause shown, which approach and conclusions are perverse. The assessee failed to discharge its burden in proving that there was a reasonable cause in accepting the deposits from staff members other than by way of cheque or draft. The Tribunal failed to appreciate the import of Section 271D in the correct perspective. We answer the questions of law arising from the order of the majority, against the assessee and in favor of the Re...