https://www.taxtmi.com/caselaws?id=778208 ITAT held that penalty under s.271D could not be imposed where cash deposits exceeded Rs.20,000 were received only from society members and not from third parties. The tribunal accepted that the society accepted member deposits out of necessity for welfare activities, maintained proper audited books, and had its return accepted under s.143(2) without additions. Absent receipts from unrelated persons or evidence of concealment, the requirements for contravention of s.269SS/traction of s.271D were not met, and the assessee's appeal was allowed. en-us Wed, 15 Jan 2025 00:00:00 +0530 Wed, 10 Sep 2025 15:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778208 ITAT held that penalty under s.271D could not be imposed where cash deposits exceeded Rs.20,000 were received only from society members and not from third parties. The tribunal accepted that the society accepted member deposits out of necessity for welfare activities, maintained proper audited books, and had its return accepted under s.143(2) without additions. Absent receipts from unrelated persons or evidence of concealment, the requirements for contravention of s.269SS/traction of s.271D were not met, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778208