Section 271D - Penalty for failure to comply with the provisions of section 269SS - Income-tax Act, 1961

1 [Penalty for failure to comply with the provisions of section 269SS. 271D. 2 [(1)] If a person takes or accepts any loan or deposit 5 [or specified sum] in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit 5 [or specified sum] so taken or accepted.] 3 [(2) Any penalty imposable under sub-section (1) shall be imposed by the 4 [Joint] Commissioner.] ---------------------------- Notes :- 1. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Numbered as sub-section (1) by the Finance Act, 1990, w.e.f. 1-4-1990. 3. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990. 4. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 5. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015