https://www.taxtmi.com/caselaws?id=778289 ITAT held penalty under s.271D was not leviable. The tribunal found a reasonable cause existed: as a society the receipt of funds from members fell within the principle of mutuality and the assessee reasonably believed s.269SS did not apply. Further, once the amount was assessed as income it lost character as a loan/deposit, negating penalty under s.271D. Consequently the CIT(A)'s rejection was overturned and the appeal was allowed. en-us Thu, 16 Jan 2025 00:00:00 +0530 Sat, 13 Sep 2025 08:47:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778289 ITAT held penalty under s.271D was not leviable. The tribunal found a reasonable cause existed: as a society the receipt of funds from members fell within the principle of mutuality and the assessee reasonably believed s.269SS did not apply. Further, once the amount was assessed as income it lost character as a loan/deposit, negating penalty under s.271D. Consequently the CIT(A)'s rejection was overturned and the appeal was allowed. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778289