Madan Lal Mahaveer Pd v. ITO

Shri Neeraj Purohit, Jaipur vs. Joint Commissioner of Income Tax, Jaipur

In the result, the appeal of the assessee is allowed

…red to in the said provisions if he proves that there was reasonable cause for the said failure.] Regarding the judgment of Hon’ble Bench in the case of Airen Metals (ITA No. 820/JP/2016) and of Hon’ble Rajasthan High Court in Madan Lal Mahaveer Pd. Vs. ITO (296 ITR 377) as relied upon by Ld. CIT(A) while upholding the penalty u/s 271E, it is submitted that both the orders are distinguishable. Firstly, the case of M/s Airen Metals Pvt. Ltd. is in relation to penalty u/s 271(1)(c). Secondly, this decision does not in any way propound the theory that ‘other factors like genuineness of transaction or tax affect wou…