provisions of Section 269SS , and
Section 276DD was omitted with effect from 01.04.1989. Thus,
subsequent to the introduction of Section 271D , the punishment of
imprisonment ... strengthened, if we examine the
language employed in Section 269SS , the erstwhile Section 276DD and
Section 271D (with effect from 01.04.1989). One common
also noticed violation of the provisions of section
269SS of the Act and accordingly penalties under section 271D have been
levied, which are subject-matter ... given discretion to the
department u/s 273B of the Act, not to levy u/s 271D of the Act. Thus, for availing the
benefit
without reasonable cause, in violation of
provision of section 269SS and hence levied penalty u/s 271D . Similarly the AO
also levied penalty ... Constitution, challenging the
constitutional validity of section 269SS and section 271D . The Hon'ble Court held
that the provision is enacted to crumb ramped
defaults have taken place within the meanings of section
269SS read with Section 271D and section 269T read with
section 271E of the Income ... 269SS are as per below;
Default as committed u/s 269SS r.w. Sec. 271D
SN Narration & Reference Amount of default
1 Cash loan
same violates the
provisions of section 269SS and 269T of the Act attracting penalty under section 271D and
271E of the Act. As the case ... clause (b) of sub-
section (1) of section 271, section 271A, section 271B, section 271BB, section 271C,
section 271D, section 271E, clause (c) or clause
provisions of sections 271 and 271E . Looking from the background
which gave rise to incorporation of sections 269SS , 269T , 271D and
271E , the Legislature ... examining the violation of provisions of section 269SS and consequent levy
of penalty u/s 271D under the IT ACT,1961 and the findings
violation of the provisions of section 269SS of the Act.
Therefore, the penal provisions of section 271D get triggered.
3.2 Section 269SS was inserted ... application money received in cash is not violation of section 269S
attracting penalty under section 271D of the Income Tax Act, 1961?
2.3 Whether
violation of section 269SS, Assessing Officer imposed
penalty upon assessee under section 271D - Tribunal found that there was business
exigency forcing assessee to take cash ... acceptance of deposit in violation of section
269SS and imposed penalty upon assessee under section 271D - Tribunal deleted
penalty holding that there was no evidence
section (1) of ] [ section 271 , section
271A , 77 [ section 271AA ,] section 271B [, section 271BA ],
[section 271BBJ section 271C , [ section 271CA ,] section
ITA No.1349Ahd/2010 ... deposit within the meaning of
section 269 SS of the IT Act and penalty can be imposed
u/s 271D
record.
We have carefully gone through the provisions of section 269SS and sec. 271D of the IT
Act which read as under:
"269SS ... section 271 , section 271A , 61 [ section 271AA ,] section 271B
61
[, section 271BA ], 62[ section 271BB ,] section 271C , 63 [ section 271CA ,] section
271D , section 271E
