Section - 271D (of Income Tax Act, 1961), Penalty for failure to comply with the provisions of section 269SS (of Income Tax Act, 1961)
Section - 271D (of Income Tax Act, 1961), Penalty for failure to comply with the provisions of section 269SS (of Income Tax Act, 1961)
Penalty for failure to comply with the provisions of section 269SS (of Income Tax Act, 1961).
(1) If a person takes or accepts any loan or deposit or specified sum] in contravention of the provisions of section 269SS (of Income Tax Act, 1961), he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so taken or accepted.
(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.
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