Cooperative Bank Escapes Penalty for Large Cash Deposits Due to Reasonable Cause u/s 271D of Income Tax Act.

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....Penalty u/s 271D - co-operative bank has accepted deposits in cash exceeding ₹ 20,000/- from its members - Bona-fide belief of the assessee that the transactions were exempted from the requirements of Sec.269SS of the Act and, there being no material to show that the transactions have been carried out with any intention to avoid or evade taxes, in our opinion, the assessee has been successful in showing that there was a reasonable cause for his failure to comply with the provisions of Sec.269SS - AT....