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Penalty u/s 271D

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(Querist)
08 October 2009 Whether penalty proceedings u/s 271D is leviable on the loan for violatin of section 269SS where the same loan is treated as his income and added back u/s 68.
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Rajeev

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Rajeev (Expert)
09 October 2009 yeah ofcourse unless u pray u/s 273B
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C.A.Harish Singh

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C.A.Harish Singh (Expert)
10 October 2009 Not agreed with Rajiv.

If penalty proceedings u/s 271D started that means it is treated as loan then it can not be treated as income and add back to his income u/s 69.
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