02 July 2008
In the case mention above, the person will be liable U/s.269SS and 269T irrespective of whether it is audit firm or not. and irrespective of whether that firm is covered under 44AD, 44AE and 44 AF.
PENALTY: 271D (1) If a person takes or accepts any loan or deposit 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 so taken or accepted.
271E.(1) If a person repays any [loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the [loan or] deposit so repaid.
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