Assessee, a Co-operative Credit Society, offered banking-like services to members, mainly farmers and those with limited access to formal banking. Assessing Officer held  that society had accepted and repaid cash loans or deposits in amounts exceeding permissible limit, violating sections 269SS acceptance and 269T repayment. He levied  penalties  under sections 271D and 271E of the Act.  CIT (Appeals)  deleted the penalties, which is affirmed by Tribunal, on the ground that Co-operative Society acted on a bona fide belief that transactions were genuine and routine business activities, which did not warrant penalties under sections 271D and 271E. High Court affirmed the order of the Tribunal. (AY. 2010-11)