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Section 269ss & section 269st

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(Querist)
21 December 2018 If a Builder received Advance money for Immovable property (lets say a Flat) in cash Rs.2,50,000 from a Prospected buyer in a day, which penalty will be levied ? 271D(for 269SS) or 271DA(269ST) or both???
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CA. Vivek Chiraniya

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CA. Vivek Chiraniya (Expert)
21 December 2018 Section 269SS applicable for receiving and 269T for repayment.
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Nisarg Mehta

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Nisarg Mehta (Querist)
02 January 2019 as the assessee is receiving cash above rs.2 lakh for a single transaction in a day, provisions of section 269ST would also apply..there is violation of both the sections 269SS and 269ST. then which penalty department can levy?
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Nilesh Gami

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Nilesh Gami (Expert)
08 February 2019 penalties under both sections can be levied by AO u/s 269ss and 269st
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