https://www.taxtmi.com/caselaws?id=472614 Reasonable cause can preclude penalties for cash acceptance or repayment that would otherwise breach Sections 269SS and 269T. A credit co-operative society's bona fide and consistently held belief that these restrictions did not apply to transactions with members, supported by its accepted Section 80P deduction, earlier scrutiny assessments and departmental recognition of that belief, established reasonable cause. Penalties under Sections 271D and 271E were therefore unsustainable on these facts. en-us Wed, 01 May 2024 00:00:00 +0530 Sat, 17 Oct 2026 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472614 Reasonable cause can preclude penalties for cash acceptance or repayment that would otherwise breach Sections 269SS and 269T. A credit co-operative society's bona fide and consistently held belief that these restrictions did not apply to transactions with members, supported by its accepted Section 80P deduction, earlier scrutiny assessments and departmental recognition of that belief, established reasonable cause. Penalties under Sections 271D and 271E were therefore unsustainable on these facts. Case-Laws Income Tax Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472614