BHATTIPROLU PRIMARY AGRICULTURE CO OPERATIVE SOCIETY LIMITED,GUNTUR vs. JCIT-1, GUNTUR

ITA 376/VIZ/2025Status: DisposedITAT Visakhapatnam29 July 2026AY 2020-2113 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the society's repayment of loans and deposits in cash violated Section 269T. It found no reasonable cause for the violation and distinguished the case laws relied upon by the assessee.

What were the facts?

The assessee, a cooperative society, repaid loans and deposits to its members in cash, exceeding Rs. 20,000 in several instances. The Assessing Officer levied a penalty under Section 271E for violating Section 269T, which was upheld by the CIT(A).

What were the issues?

Whether penalty under Section 271E is leviable for cash repayment of loans/deposits exceeding Rs. 20,000, and if there was a reasonable cause for such repayment.

Which sections of the Income-tax Act were involved?

Section 271E,Section 269T,Section 273B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

PER SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER:

This appeal is filed by the Assessee against the order of Commissioner of Income Tax (Appeals) [Ld.CIT(A), National Faceless

ITA 376/VIZ/2025 Bhattiprolu Primary Agriculture Co Operative Society Limited Appeal Centre, Delhi vide DIN: ITBA/NFAC/S/250/2024-25 /1072495190(1) date

The order continues below.

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