Case Law Details
Sandeep Kaur Gill Vs JCIT (ITAT Raipur)
ITAT Raipur held that assessee failed to put forth the reasonable cause because of which provisions of section 269T of the Income Tax Act was not complied. Accordingly, penalty under section 271E of the Income Tax Act leviable.
Facts- The assessee had made cash repayment of loans that were raised by her from M/s. Tata Motors and M/s. Tata Finance Ltd for financing purchase of buses. On the basis of the information shared by the AO with the JCIT, Range-3, Raipur, the latter called upon the assessee to show cause as to why penalty may not be imposed upon her u/s. 271E of the Act for having repaid the loans in question otherwise than as per the modes prescribed in section 269T of the Act.
JCIT held that the assessee had without any reasonable cause repaid the loans in contravention of the provisions section 269T of the Act, therein saddled her with a penalty of Rs.6,71,939/- u/s. 271E of the Act.
On appeal, the CIT(A) finding no substance in the contentions of the assessee dismissed the appeal.
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