Penalty imposable for Accepting cash Loan without reasonable cause

IN THE ITAT HYDERABAD BENCH ‘A’ Additional Commissioner of Income-tax Versus Madireddy Venkat Reddy IT Appeal No. 305 (Hyd.) of 2011 [Assessment year 2005-06] October 19, 2012 ORDER Chandra Poojari, Accountant Member   This appeal by the Revenue is directed against the order of the CIT(A)-VI dated 30.11.2010 for assessment year 2005-06. 2. The Revenue raised the following grounds of appeal:  1.  The order of the learned CIT(A) is erroneous both on law and facts.  2.  The learned CIT(A) has erred in allowing relief to the assessee without considering the facts ...