271D of Income tax applicability

This discussion addresses the applicability of Section 271D of the Income Tax Act to a cash payment of Rs. 35 lacs made between 2010 and 2011. The user is seeking clarification on whether Section 271D, which became effective on 15/05/2015, will apply to a transaction that occurred before its implementation. While Section 271D itself may not be directly applicable due to the transaction date, the discussion highlights potential issues during tax assessment if the transaction appears in the Annual Information Statement (AIS).