Section 271D: Penalty for failure to comply with the provisions of section 269SS

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Penalty for failure to comply with the provisions of section 269SS.

(1) If a person takes or accepts any loan or deposit or specified sum 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 or specified sum so taken or accepted.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner:

[Provided that any penalty under sub-section (1), on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.]

Where this provision sits

Act	The Income-tax Act, 1961
Section	271D
Marginal note	Penalty for failure to comply with the provisions of section 269SS
Jurisdiction	Central
Status	Repealed
Judgments citing it	14

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act No. 7 of 2025. Ins. by Act No. 7 of 2025, w.e.f. 1-4-2025.

Judgments that turned on this provision

WP/16903/2022 of SRI VASANTH KALBURGI Vs ASSESSING OFFICERHigh Court of Karnataka · 2025-11-19
ITR/25/1998 of CIT JALANDHAR Vs HARPAL SINGHHigh Court of Punjab and Haryana · 2006-12-08
ITR/182/1996 of C.I.T. ASR. Vs M/S RATTAN SINGH MANN SINGHHigh Court of Punjab and Haryana · 2006-09-19
ITR/146/1995 of THE COMMISSIONER OF I.T, JLDHR Vs M/S HARPAL SINGH,JASWANT SINGH MALOUTHigh Court of Punjab and Haryana · 2006-09-13

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