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2011 (5) TMI 356 - AT - Income TaxPenalty u/s 271E - contravention of the provisions of section 269T - Assessee had repaid deposits in cash exceeding Rs. 20,000 to various depositors - - Held that:- the assessee society was classified as 'cooperative bank' under section 12(1) of the Maharashtra Cooperative Society Act, 1960 as per the registration certificate issued by the Assistant Registrar, Cooperative Society, Mumbai and the said classification, in our opinion, was sufficient for the assessee to entertain a belief that the provisions of section 269T were not applicable - Penalty levied by AO and confirmed by CIT(A) cancelled.
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