No penalty under section 269SS and 269T if reasonable cause shown

Delhi State Taxi Operators’s Co-operative Thrift Credit & Services Society Ltd. Vs JCIT (ITAT Delhi) ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable. Facts- The two appeals filed by the assessee are directed against two separate orders both dated 28.03.2019 of the Ld. Commissioner of Income Tax (Appeals)–19, New Delhi (“CIT(A)”) whereby he upheld the penalt...