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
section 271D . He argued that section 275(1) (c) is applicable and not section 275(1) (?L).
He contended that the provisions of section 269SS ... section 276E , which sections have been deleted from the statute.
(e) He contended that the term "any other person" occurring in section 269SS
appeals is
whether penalty u/s. 271D/271E of the Act is attracted for contravening
the provisions of section 269SS/269T of the Act when ... imposing penalty upon the respondents under Section
271D of the Act for breach of Section 269SS of the Act.
This penalty was imposed inasmuch
assessee relates to imposition of penalty under Section 271D for violation of provisions of Section 269SS . Thus, the case of the assessee is a case ... under sub-Section (2) of Section 115WE or under Sub-section (1) of Section 142 or Sub-section (2) of Section 143 or fails
Bench was drawn to the language of Section 271 and Section 273 and that of Sections 271D and 271E . Whereas in the former, there ... Section 271D or Section 271E . The said sections merely noted the failure of a person to comply with the provisions of Sections 269SS and 269T
reasonable cause in terms of Section 273B in accepting the loans in violation of the provisions of Section 269SS and, as such, the penalty ... penalty appeal a penalty was levied Under Section 271D for contravention of the provisions of Section 269SS . The ld. A.R. has submitted that
purview of penalty under Section 271D of the Act, for violation of Section 269SS as their case is distinct and different than that ... Section 271D of the Act, provided it is established that there exited a reasonable cause for not complying with the prescription of Section 269SS
said section deals with the topic 'penalty for failure to comply with the provisions of Section 269SS '. It reads as under:
Section ... meaning of Section 271D of the Act, the assessee has taken/ accepted loan/deposit in contravention of the provisions of Section 269SS .
24. Now comes
imposed under section 271D of the Income-tax Act, for contravention of section 269SS of the Act.
2. The assessee is a partnership firm consisting ... amounts had been received in contravention of the provisions of section 269SS and therefore attracted penalty under section 271D . He therefore initiated penalty proceedings
stated that the penalty under Section 271D can be levied when there is violation of Section 269SS . Section 269SS provides that no person shall take ... money in cash. Therefore, the levy of penalty under Section 271D for violation of Section 269SS cannot be sustained and accordingly the same is cancelled
