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Case Law Details

Case Name : SulthanBathery Service Cooperative Bank Limited Vs JCIT (ITAT Cochin)
Related Assessment Year : 2015-16
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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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