No penalty U/s 271DA for violation of section 269ST as the violation was by young company floated by first time entrepreneur without intent to evade tax: ITAT Delhi
In a case before Delhi ITAT, it has been held that since the company had voluntarily reported the cash transactions exceeding Rs. 2 lakhs received from customers in Form 61A (SFT Return), and there was no intent to evade taxes or launder money, no penalty should be imposed under Section 271DA for failure to comply with the provisions of Section 269ST.
The Honโble Tribunal observed that, given the taxpayer is a young company started by first time entrepreneurs and has been engaged in supporting small farmers, and the lack of malicious intent, it was a “reasonable cause” for quashing the penalty.
๐๐ฒ๐น๐ต๐ถ ๐ง๐ฟ๐ถ๐ฏ๐๐ป๐ฎ๐น ๐ถ๐ป ๐๐ต๐ฒ ๐ฐ๐ฎ๐๐ฒ ๐ผ๐ณ ๐๐น๐น ๐๐ฟ๐ฒ๐๐ต ๐ฆ๐๐ฝ๐ฝ๐น๐ ๐ ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ ๐ฃ๐๐. ๐๐๐ฑ. ๐. ๐๐๐๐ง (๐๐ง๐ ๐ก๐ผ. ๐ญ๐ต๐ฑ๐ฑ/๐๐ฒ๐น/๐ฎ๐ฌ๐ฎ๐ฏ, ๐๐ฆ๐ฆ๐๐ฆ๐ฆ๐ ๐๐ก๐ง ๐ฌ๐๐๐ฅ ๐ฎ๐ฌ๐ญ๐ด-๐ญ๐ต)
