No RBI Licence, No Relief: Genuineness No Defence to Section 269SS Penalty

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(A) upheld the pe...