Case Law Details
Case Name : The Commissioner of Income Tax Vs Sunil Kumar Goel (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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There is no dispute about the fact, that the instant cash transactions of the respondent-assessee were with the sister concern, and that, these transactions were between the family, and due to business exigency. A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof is contained in the compilation of accounts, and which has no tax effect, in our view establishes “reasonable cause” under Section 273B of the Act. Since the respondent- assessee, had satisfactorily established “reasonable cause̶...
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