Consolidated Imposition of Sections 271D & 271E Penalty Unjustified: ITAT Cochin

SulthanBathery Service Cooperative Bank Limited Vs JCIT (ITAT Cochin)

ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act  in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.

Facts- The assessee is a Co-operative Bank. Issue involved, herein, is that penalty u/s. 271D and 271E of the Income Tax Act was imposed on the assessee.

The amount of cash deposited which was accepted by the assessee in the assessment year under consideration at Rs.1

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