271D. Penalty for failure to comply with the provisions of section 269-SS.
- [(1)] [ Renumbered by Act 12 of 1990, Section 45 (w.r.e.f. 1.4.1990).] If a person takes or accepts any loan or deposit [or specified sum] [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.] in contravention of the provisions of section 269-SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit [or specified sum] [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.] so taken or accepted.(2)Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.
