Section 269ss & section 269st

This query is : Resolved 

21 December 2018 If a Builder received Advance money for Immovable property (lets say a Flat) in cash Rs.2,50,000 from a Prospected buyer in a day, which penalty will be levied ? 271D(for 269SS) or 271DA(269ST) or both???

21 December 2018 Section 269SS applicable for receiving and 269T for repayment.

02 January 2019 as the assessee is receiving cash above rs.2 lakh for a single transaction in a day, provisions of section 269ST would also apply..there is violation of both the sections 269SS and 269ST. then which penalty department can levy?


08 February 2019 penalties under both sections can be levied by AO u/s 269ss and 269st



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