No Penalty U/s. 271E on cash refund of advance from customers under Bonafide Belief

 M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the assessee against the order of the CIT(A)-2, Bhubaneswar dated 29.3.2017 for the assessment year 2008-2009. 2. The sole issue involved in this appeal is that the CIT(A) erred in confirming the levy of penalty of Rs.21,49,943/- u/s.271E of the Act. 3. According to the Assessing Offic...