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

1 [Penalty for failure to comply with the provisions of section 269T. 271E. 2 [(1)] If a person repays any 3 [loan or] deposit 7 [or specified advance] referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the 4 [loan or] deposit 7 [or specified advance] so repaid.] 5 [(2) Any penalty imposable under sub-section (1) shall be imposed by the 6 [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, 2003, w.e.f. 1-6-2003. 4. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 5. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990. 6. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 7. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015