When a person Takes cash loan in excess of 20000 then it is violation of sec 269SS and penalty under sec 271D is attracted.If the same loan is repaid in cash it is violation of sec 269T and penalty under 271E is attracted.
As the penalty is imposed twise on the same loan amount whether 271D or 271E can be evoked...? Or once 271D is attracted then once again 271E cannot be applied by A.O....?
If its the Same loan then penalty is attracted once!!!!
@ Kavitha- I read the link wt u sent... but nt clear... i wil giv one example. Please clarify...
Mr.X is taken cash loan on 30.6.11- amount 15000 and 01.07.2011 -amount 15000
He repaid 15000 cash on 31.7.11 and again 16000 on 31.08.11 with interest...
Now 271D is attrracted when he accept d loan on 01.07.2011 but wat amount will be the penalty...? whether 15000 or 30000...? and when he repaid whether 271E is attracted....? If so wat wil be the amount of penalty....?Whether 15000 or 16000 or 31000....?
CAclubindia
