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No RBI Licence, No Relief: Genuineness No Defence to Section 269SS Penalty
Case Law Details
- Case Name
- Thirunelly Service Co-op. Bank Ltd. Vs JCIT (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Cochin
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Thirunelly Service Co-op. Bank Ltd. Vs JCIT (ITAT Cochin)
No RBI Licence, No Relief – Primary Agricultural Credit Society not spared – ITAT Confirms Penalty for Section 269SS Breach; Genuineness of transactions no shield against Section 269SS Penalty
Assessee, a primary agricultural credit co-operative society under the Kerala Co-operative Societies Act, accepted & repaid deposits in cash exceeding ₹20,000 from members. AO held this violated section 269SS & referred the matter to the JCIT, who levied a penalty of ₹2,18,31,129 u/s 271D. CIT...
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