Penalty levied u/s 271D - accepting unsecured loan above ₹ 20,000/- violating provisions of...

Penalty levied u/s 271D - accepting unsecured loan above ₹ 20,000/- violating provisions of section 269SS - In the present times the bank transfers are quick through National Electronic Funds Transfer (In short ‘NEFT’) which hardly takes a day to transfer the amount. - Assessee do not deserve any immunity from paying the penalty u/s 271D of the Act by taking the shield/cover of Section 273B of the Act claiming it to be a reasonable cause for the said failure. - AT .....

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