https://www.taxtmi.com/caselaws?id=472637 Section 269T applies only where a loan or deposit is repaid otherwise than through prescribed banking modes. Cash disbursements by a co-operative society to its members as loans or advances are not repayments of loans or deposits received from them, unless material establishes their repayment character. Consequently, penalty under Section 271E is not leviable for such disbursements. Treating the same sum as income while also characterising it as a loan for applying Section 269T is internally inconsistent. en-us Mon, 18 Nov 2024 00:00:00 +0530 Mon, 19 Oct 2026 19:03:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472637 Section 269T applies only where a loan or deposit is repaid otherwise than through prescribed banking modes. Cash disbursements by a co-operative society to its members as loans or advances are not repayments of loans or deposits received from them, unless material establishes their repayment character. Consequently, penalty under Section 271E is not leviable for such disbursements. Treating the same sum as income while also characterising it as a loan for applying Section 269T is internally inconsistent. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472637