https://www.taxtmi.com/caselaws?id=457892 The Gujarat HC upheld ITAT's deletion of penalties under sections 271D and 271E imposed for contraventions under sections 269SS and 269ST. The court found that the assessee cooperative society had no mens rea in accepting cash deposits from members, as these were maintained similar to bank savings accounts. Under section 273B, no penalty is leviable if reasonable cause for the alleged failure is proven. The HC determined that both CIT(A) and ITAT correctly exercised discretion in not imposing penalties, finding the transactions were bona fide and undertaken in the regular course of business, with no legal infirmity requiring judicial interference. en-us Thu, 07 Jul 2022 00:00:00 +0530 Wed, 18 Dec 2024 21:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457892 The Gujarat HC upheld ITAT's deletion of penalties under sections 271D and 271E imposed for contraventions under sections 269SS and 269ST. The court found that the assessee cooperative society had no mens rea in accepting cash deposits from members, as these were maintained similar to bank savings accounts. Under section 273B, no penalty is leviable if reasonable cause for the alleged failure is proven. The HC determined that both CIT(A) and ITAT correctly exercised discretion in not imposing penalties, finding the transactions were bona fide and undertaken in the regular course of business, with no legal infirmity requiring judicial interference. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457892