Cash Payment of Defaulted EMI Instalment to Financier after Cheque Bounce is “Reasonable Cause”: ITAT deletes Penalty u/s 273B [Read Order]

Cash Payment of Defaulted EMI Instalment to Financier - Cheque Bounce is Reasonable Cause - ITAT deletes Penalty us 273B - TAXSCAN

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty imposed under Section 273B of the Income Tax Act holding that the cash payment of defaulted EMI instalment to financier after cheque bounce was a reasonable cause. Sankaranarayanan R. Sundar Raj, the assessee, was hit with an additional Rs. 5 Lacs as…

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