https://www.taxtmi.com/caselaws?id=770902 Penalty under section 271D for accepting and repaying cash deposits and loans in violation of section 269SS was upheld because a primary agricultural co-operative credit society without an RBI banking licence was not a co-operative bank and did not fall within the exempted categories in the first proviso. The third proviso to section 269SS was treated as confirming Parliament's intention that the provision applies to such societies, subject only to the enhanced threshold. Mere genuineness of the transactions or a claimed bona fide belief, without a factual basis showing why cash was necessary, did not establish reasonable cause under section 273B, so the assessee failed to avoid penalty. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770902 Penalty under section 271D for accepting and repaying cash deposits and loans in violation of section 269SS was upheld because a primary agricultural co-operative credit society without an RBI banking licence was not a co-operative bank and did not fall within the exempted categories in the first proviso. The third proviso to section 269SS was treated as confirming Parliament's intention that the provision applies to such societies, subject only to the enhanced threshold. Mere genuineness of the transactions or a claimed bona fide belief, without a factual basis showing why cash was necessary, did not establish reasonable cause under section 273B, so the assessee failed to avoid penalty. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770902