21 February 2017
A Private Company has received 50000 in aggregate in cash which is against the violation of section 269SS of income tax. what is the consequence?
21 February 2017
As per Section 271D(1), if a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted. Such penalty shall be imposed by the Joint Commissioner.
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