Section 85 - Insertion of new section 271DA. - Finance Act, 2017

Insertion of new section 271DA. 85. After section 271D of the Income-tax Act, the following section shall be inserted, namely:- Penalty for failiure to comply with provisions of section 269ST. 271DA. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt: Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention. (2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner. .