No Penalty u/s 271D in 5 Circumstances !

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Section 269SS of the Income Tax Act prohibits acceptance of loan or deposit from any person in any form other than crossed cheuqe or draft or by electronic mode. If you contravene this provision , you may be liable for penalty  @ 100 % of the amount of loan or deposit u/s 271D  . However, judicial rulings have settled that  penalty cannot be  by levied in following five facts & circumstances

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