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ITAT allowed the assessee's appeal and set aside penalty under s.271D. The Tribunal held that the CIT(A) erred in rejecting the defence of reasonable cause and applicability of the principle of mutuality; a society's bona fide belief that loans from members did not contravene s.269SS constituted a reasonable cause within the statutory scheme. Further, the impugned receipts had already been taxed, thereby losing the character of loan/deposit for penalty purposes under s.269SS, so levy of penalty under s.271D was not warranted. Result: penalty under s.271D vacated and appeal of the assessee allowed.
ITAT allowed the assessee's appeal and set aside penalty under s.271D. The Tribunal held that the CIT(A) erred in rejecting the defence of reasonable cause and applicability of the principle of mutuality; a society's bona fide belief that loans from members did not contravene s.269SS constituted a reasonable cause within the statutory scheme. Further, the impugned receipts had already been taxed, thereby losing the character of loan/deposit for penalty purposes under s.269SS, so levy of penalty under s.271D was not warranted. Result: penalty under s.271D vacated and appeal of the assessee allowed.
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