COMMISSIONER OF INCOME TAX Vs. EETACHI AGENCIES

JUDGEMENT

(1.) THIS appeal is directed against the decision of the Tribunal ordering deletion of the penalty of Rs. 4,13,000 imposed by the AO under S. 271E of the IT Act, 1961. The said penalty was imposed for violation of S. 269T of the IT Act. By the impugned decision, the Tribunal upheld the order of the appellate authority cancelling the penalty.

(2.) ON an examination of the facts, the Tribunal found that the assessee had acted under a genuine belief that S. 269T had no application to deposits and that it only applied to loans and, therefore, the Tribunal ordered deletion of penalty.