ITAT deletes Penalty u/s 271D of Income Tax Act on Availability of Reasonable Cause to Prove Bonafide Act of Assessee [Read Order]
It was noted that the assessee has also filed confirmations from the buyers who confirmed that they could not get the Demand Draft due to restricted banking hours
The Bangalore of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under section 271 D of the Income Tax Act, 1961 as it proved reasonable cause to treat the assessee as bonafide. The words ‘reasonable cause’ would mean a cause which prevents a reasonable man of ordinary prudence acting under normal circumstances,…
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