https://www.taxtmi.com/caselaws?id=380214 The Tribunal upheld the penalty imposed under Section 269SS on a Co-operative Society for receiving fixed deposits in cash, rejecting the assessee's argument invoking the principle of mutuality and Section 80P deductions. The Tribunal emphasized the genuineness of the transactions, denied the recall of its order, and dismissed the Miscellaneous Petition, citing the absence of grounds for review under Section 254(2) of the Income Tax Act. The decision, rendered on May 13, 2019, affirmed the penalty based on the specific circumstances and legal precedents, aligning with the Tribunal's initial assessment. en-us Mon, 13 May 2019 00:00:00 +0530 Wed, 15 May 2019 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380214 The Tribunal upheld the penalty imposed under Section 269SS on a Co-operative Society for receiving fixed deposits in cash, rejecting the assessee's argument invoking the principle of mutuality and Section 80P deductions. The Tribunal emphasized the genuineness of the transactions, denied the recall of its order, and dismissed the Miscellaneous Petition, citing the absence of grounds for review under Section 254(2) of the Income Tax Act. The decision, rendered on May 13, 2019, affirmed the penalty based on the specific circumstances and legal precedents, aligning with the Tribunal's initial assessment. Case-Laws Income Tax Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380214