No Penalty u/s 273B for Cash Loan Repayment on Lender’s Request to curb Interest Escalation

Advertisement Sandeep Kaur Gill Vs Union of India (Chhattisgarh High Court) Conclusion: Penalty under section 273B could not be imposed for cash repayment of a loan on the lender’s instruction to curb interest escalation as all the three authorities ignored the provision contained in Section 273B  and proceeded to levy a penalty under Section 271E rendering the provision contained in Section 273B even after there was reasonable cause for non-compliance with the provisions contained in Section 269T. Held: Assessee’s assessment under Section 143(3) read with Section 147 for the asses...