Penalty u/s 271D/ 271E deleted on basis of reasonable cause

Advertisement DCIT Vs Macrotech Developers Ltd (ITAT Mumbai) Held that there was bonafide belief of the assessee that passing journal entries, even though in violation of mode prescribed u/s. 269SS and section 269T, is permissible. Entries done before judgement of Hon’ble Bombay HC in the case of Triumph International. Penalty deleted on the basis of reasonable cause. Facts- The assessee is engaged in the business of development and construction of Real Estate Properties. The assessee filed its ROI declaring a total income of Rs.4,950/- under the normal provisions of the Act and book prof...