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
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
where is this writtn that penlty canot be levy for more than th loan amount..... ? any provison/case law?
yes payal garjar... i agree wid u.... ur opinion ws corrct....thanx
Thanks... but good que. I hv never faced
25000 500 penalty in nihit sir book was wrong
CAclubindia
