No Penalties for Rural Credit Societies on Cash Loan Defaults u/ss 271D & 271E of Income Tax Act.

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....Penalty u/s. 271D and u/s. 271E - default u/s 269SS and 269T - acceptance and repayment of loans or deposits in cash - In case, if the veracity was doubted, then the additions would have been made u/s.68 of the Act. It is an undisputed facts that these credit societies function in villages/taluks etc., for farmers or related persons, as an alternative to banks - No penalty - AT....