ITAT Dismisses Appeal of Urban Co-operative Credit Society for Improper Filing Against Penalty u/s 271D of Income Tax Act 1961

ITAT dismisses urban cooperative credit society’s appeal against penalty for improper filing under Section 271D of the Income Tax Act. The Income Tax Appellate Tribunal (ITAT) has dismissed an appeal filed by an urban cooperative credit society, thereby upholding the penalty imposed under Section 271D of the Income Tax Act. This section pertains to violations related to cash transactions, specifically the acceptance or repayment of loans or deposits in cash exceeding the prescribed limits. The tribunal found that the society had failed to comply with the statutory provisions regarding these transactions, leading to the confirmation of the penalty.