https://www.taxtmi.com/caselaws?id=340807 The Tribunal allowed the appeal of the cooperative credit society, setting aside the penalty of Rs. 21,50,000 imposed under Section 271D of the Income Tax Act for accepting cash deposits exceeding Rs. 20,000 in violation of Section 269SS. The Tribunal found that the society had demonstrated a reasonable cause for the unintentional breach, citing precedents and CBDT guidelines. Consequently, the penalty was canceled, and the appeal was successful. en-us Wed, 08 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 07:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340807 The Tribunal allowed the appeal of the cooperative credit society, setting aside the penalty of Rs. 21,50,000 imposed under Section 271D of the Income Tax Act for accepting cash deposits exceeding Rs. 20,000 in violation of Section 269SS. The Tribunal found that the society had demonstrated a reasonable cause for the unintentional breach, citing precedents and CBDT guidelines. Consequently, the penalty was canceled, and the appeal was successful. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340807