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VIMP Query-Final-Loan in cash = penalty?? 269ss 269t

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stdnt

42 Points Posted on 25 March 2015

hey guys, plz tell me this-

i have taken a loan in cash rs.25000 in oct14 ----- this is violation of section 269ss

now i repaid (loan+intt) in march15 = 25500 ------ this is violation of 269t

what would be amount of penalty u/s 271D & 271E

ans - PENALTIES RESPECTIVELY IN 271D 271E

a. 25000 25500

b. 25000 500

c. 0 25500

d. 25000 25000 (ie no penalty for th intt amt.)

plz specify ur opinion with relevant provision of law

Replies (10)

CA PAYAL GAJJAR

Personal Practice

102 Points Posted on 25 March 2015

I think Answer should be :25000/25500 Sec 271D and 271E both are different sections. So, Rs.25000/- penalty for violation of sec 269ss and Rs.25500 penalty for violation of sec 269t. Sec 269t includes interest also.

Intermediate Student

493 Points Posted on 25 March 2015

Agreed with payal. But not sure bcoz haven't seen any such case yet.

stdnt

42 Points Posted on 25 March 2015

I had a considered an opinion given in nihit jhaveri sir's book... it says....

if an amount has alrdy been subjected to panlty u/s 271D then 271E can not be levied for the same amount.

hence the penalty shud be 271d=25000 271e=500

but i could not find the legal provision/section which says this

Intermediate Student

493 Points Posted on 25 March 2015

I had also read that penalty shall be levied max of loan amount. So ur opinion may also be right but i also could not find legal provision or case. Let others may reply.