Section 269SS and Section 269T

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150 Points Joined March 2018
If there is a business loss of Rs.40 lakhs and violation of sec 269ss & 269t Rs.10 lakhs.Can we set off the penalty amount from business loss?
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On 30 January 2021 at 15:19 Report
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Student
844 Points Joined April 2020
No.....................
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On 30 January 2021 at 17:00
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Chartered Accountant
24588 Points Joined November 2019
No it's impossible
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On 30 January 2021 at 17:49
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Accountant
4531 Points Joined February 2017
No. not possible. you have to pay in cash
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On 31 January 2021 at 21:54
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Chartered Accountant
86505 Points Joined April 2011
No such option available in Income Tax.
3 Reply
On 01 February 2021 at 00:22


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