Penalty u/s 271E leviable as reasonable cause for non-complying with section 269T not shown

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 wi

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