Income-tax Act, 1961
Section - 271D - Penalty for failure to comply with the provisions of section 269SS
Penalty for failure to comply with the provisions of section 269SS.271D. (1) If a person takes or accepts any loan or deposit or specified sum 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 or specified sum so taken or accepted.(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner:14-18[Providedthat any penalty under sub-section (1), on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.]
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