Dear Experts,
My client is a Pvt. Ltd Company. is engaged as a dealer in induction cookware.The IT Dept. call for a scrutiny assessment of I.T Return filed for the A.Y 2011-12. The issue is "contravening to the provisions of Sec. 269SS (Rs.33lacs aprox.) and 269T (Rs.97lacs aprox.) of the I.T Act 1961. The penalty is levied under Sec. 271D and 271E respectively". In revert to the notice issued by I.T Dept, we submit a reply to avail the benefits of Sec. 273B by showing the reasonable cause as "financial crisis". But The I.T Dept. rejected our request to waive the penalty. We would like to file an appeal with Addl. Commissioner of I.T. Please suggest any case laws that justify our right to get the benefits under Sec.273B.
Thank you.
CAclubindia
