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Section 273B in The Income Tax Act, 1961 273B. [ Penalty not to be imposed in certain cases. [Inserted by Act 46 of 1986, Section

repaying the loan through journal entries and in view of Section 273B of the Act penalty was not imposable under Section 271E ... Section 271E of the Act. 15. Section 269T , Section 271E and Section 273B of the Act, to the extent relevant for the present case relating

excusable under the "reasonable cause" provision in section 273B of the said Act. The learned counsel for the assessee supported the view taken ... have a look at sections 269SS , 271D and 273B : "269SS. Mode of taking or accepting certain loans and deposits.--No person shall after

there is reasonable cause within the meaning of the provisions of section 273B of the Act for not levying the penalties u/s. 271D/271E ... there is a reasonable cause within the meaning of provisions of section 273B of the Act for not attracting the penalties u/s. 271D/271E

would, therefore, be validly leviable in view of the provisions of s. 273B. He also invited our attention towards Circular No. 387, dt. 6th July ... save the assessee from the levy of penalty in view of s. 273B. On this ground also the penalties levied upon the assessee deserve

considered as a reasonable cause in terms of Section 273B r/w Section 271B of IT Act, 1961 ? (III) Whether penalty under Section 271B could ... subjected to the provisions of penalty under Section 271B r/w Section 273B as we have noticed above. 14. The provisions read in the aforesaid

Appeals) in the impugned order that as per Section 273B which cast a burden on the assessee to prove that the failure to comply with ... deemed that the burden which lay on it under Section 273B of proving the failure is discharged. The burden thereafter shifts

supports its contention relied upon relevant judicial precedents laid on section 273B of the Act. Per contra, Learned Counsel for the Revenue [for short ... therefrom it is necessary to look into the provision of the Act; 273B. Penalty not to be imposed in curtain case. Notwithstanding anything contained

High Court, which constitutes a reasonable cause within the meaning of section 273B. Aggrieved by the order of the CIT(A), the revenue ... that the assessee has not made out any reasonable cause as prescribed 273B of the Act. 7 ITA No.139/Mum/2017-M/s. Lodha

such journal entries, existence of reasonable cause as provided u/s 273B of the Act etc. The Addl. CIT rejected all such contentions ... leviable or there was a reasonable cause as provided u/s 273B ? 5.3.1 The appellant has challenged the levy of penalty u/s 271E