When penalty under Section 271E shall be imposed?

Ans. Penalty under Section 271E shall be imposed if any person repay any loan or the deposit (including interest) or specified advance in cash or in a mode in contravention to Section 269T.

"Specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to a transfer of immovable property, whether or not the transfer takes place.