2018 (5) TMI 1029 - SCH - Income Tax

Penalty levied u/s 271D and 271E - whether as the Sections do not specify any minimum penalty or maximum penalty the cases of the assessee s are outside the Amnesty Scheme mentioned? - Held that - Special leave petition is dismissed. HC order confirmed 2017 (11) TMI 202 - KERALA HIGH COURT HC has held a reading of Section 271D shows that a person who is liable to pay penalty thereunder shall be liable to pay by way of penalty a sum equal to the amount of the loan or deposit or specified sum so taken or accepted in contravention of Section 269SS. Similarly u/s 271E also the penalty provided is a sum equal to the amount of loan or deposit or specified advance if so repaid. When a specified sum is so provided as the penalty such specified sum is the minimum penalty payable. That does not however mean that the benefit of the Scheme can be claimed only by those assessee s who have been levied penalty under the provisions of the Act providing for minimum penalty and maximum penalty.