Income Tax Act, 1961
Section 271D.PENALTY FOR FAILURE TO COMPLY WITH THE PROVISIONS OF SECTION 269SS.
(1) If a person takes or accepts any loan or deposit 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 so taken or accepted.
(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.
