Genuine Member Cash Transactions Protected by Reasonable Cause Rule

DCIT Vs Umiya Co-operative Credit Society Ltd. (ITAT Ahmedabad) Cash Loans & Repayments by Credit Society: No 271D/271E Penalty Where Transactions Are Genuine & Covered by Reasonable Cause – ITAT Ahmedabad The Ahmedabad “C” Bench of the ITAT dismissed Revenue’s appeals and upheld deletion of penalties u/s 271D & 271E for AY 2016-17 in the case of DCIT vs. Shri Umiya Co-operative Credit Society Ltd. The assessee, a co-operative credit society (not a co-operative bank), had accepted and repaid amounts in cash from/to its members exceeding ₹20,000, leading to penalties of ab...