Penalty U/s. 271D for Contravention of section 269SS not leviable if assessee provides reasonable cause

Baldev Singh Vs Addl. CIT (ITAT Chandigarh) Chapter-XXI of the Income Tax Act deals with penalty imposable/leviable. Penalty under various sections are imposable by the revenue authorities, where they are satisfied that particular default defined under the respective section/s has been committed by the assessee. The language of section is clear that the penalty can be imposed only if there is violation of one or more of the circumstances mentioned in the section. The levy of penalty for failure to perform statutory obligation prescribed under the Act is a matter of discretion of the authoritie...