this sub-section,— (a) "banking company" shall have the meaning assigned to it in clause (i) of the Explanation to section 269SS; (b) "co-operative ... meaning assigned to it in clause (ii) of the Explanation to section 269SS. (1A) Without prejudice to the provisions of sub-section (1), any person
Section 269SS in The Income Tax Act, 1961
269SS. [ Mode of taking or accepting certain loans, deposits and specified sum. [Substituted by Finance ... twenty thousand rupees or more: Provided that the provisions of this section shall not apply to any loan or deposit or specified sum taken
appellant is that original
Section 276DD is draconian in nature as penalty imposed for violation of Section
269SS is imprisonment which may extend ... Section was subsequently
omitted and a new Section 271D was enacted. The penalty of imprisonment
was deleted in the new Section. The new Section 271D
section 272A, sub-section (1) of section 272AA] or [section
272B or [sub-section (1) [or sub-section (1A)] of section 272BB
or] [sub-section ... section 272BBB or] clause (b) of sub-
section (1) or clause (b) or clause (c) of sub-section (2) of section
273, no penalty shall
Section 271 , Section 271A , [ Section 271AA ], Section 271B , [ Section 271BA ), [ Section 271BB ,] Section 271C , [ Section 271CA ] Section 271D , Section 271E , [ Section 271F ] [ Section 271FA ,] [ Section ... section (2) of Section 272A , Sub-section (1) of Section 272AA ] or [ Section 272B , or] [Sub-section (1) [or Sub-section (1A)} of Section 272BB
Section 275(1)(a) and Clause (b) of Sub-section (1) of Section 275 is significantly missing from Clause (c) of Section ... section (1) of Section 275 cannot be attracted to such proceedings. If that were not so Clause (c) of Section 275(1) would be redundant
lakhs levied under Section 271D of the Act for violation of the provisions of Section 269SS when the assessee transferred the purchase price as sarafi ... penalty is not automatic under Section 271D of the Act on mere violation of the provisions of Section 269SS of the Act.
11. The Tribunal
penalty under Section 271D of the Act. The AO has found that there was contravention of the provision of Section 269SS ... payment of penalty under Section 271D of the Act if the method of taking loan as provided under Section 269SS is not followed. Consequent thereof
penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner."
3. Section 269SS of the Act to the extent ... deposits within the meaning of that section and consequently, the assessee must be held to have violated Section 269SS of the Act. Thus holding
transactions, levy of penalty under Section 271D or under Section 271E for venial violation, if any, of Section 269SS or 269T would be draconian ... provisions of Section 269T , penal provisions of Sections 271D and 271E are attracted. The argument that Section 269SS is ultra vires the Constitution as declared
