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Cash receipts of 50k in aggregate in a year

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(Querist)
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?
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Tony John

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Tony John (Expert)
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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