https://www.taxtmi.com/caselaws?id=251580 The Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to cancel the penalty under Section 271D for a Cooperative Credit Society exceeding cash deposit limits. The decision was based on the society's belief in exemption under Section 269SS, subsequent compliance, and precedents supporting penalty waivers for similar cases. The Tribunal emphasized the society's bonafide belief and adherence to legal requirements post-informing, aligning with previous judgments and a CBDT circular against indiscriminate penalties on such societies. The appeal was allowed, and the penalty was canceled, rendering the Stay Application moot. en-us Wed, 20 Aug 2014 00:00:00 +0530 Tue, 16 Feb 2016 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251580 The Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to cancel the penalty under Section 271D for a Cooperative Credit Society exceeding cash deposit limits. The decision was based on the society's belief in exemption under Section 269SS, subsequent compliance, and precedents supporting penalty waivers for similar cases. The Tribunal emphasized the society's bonafide belief and adherence to legal requirements post-informing, aligning with previous judgments and a CBDT circular against indiscriminate penalties on such societies. The appeal was allowed, and the penalty was canceled, rendering the Stay Application moot. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251580