CA. Niranjan Kumar (Student) (276 Points)
11 April 2012Mr A accepted deposits from B as under:
a) Rs 10000 through account payee cheque, and thereafter
b) Rs 11000 through cash
Since agreegate amount of depost from B is more than Rs 20000, thus it is voilation of Section 269SS. My question is about amount of penalty u/s 271D.
is penalty will be:
a) Rs 21000; or
b) Rs 11000; or
c) Rs 1001 ( Rs 21000 LESS allowlable limit i.e. Rs 19999)
DIBYENDU
(SERVICE)
(266 Points)
Replied 11 April 2012
U/S 269SS Applies when a person or HUF, or a Firm, or company (Other than Govt. Company) accept deposit or loan on or above Rs. 20000.00 otherwise by the mode of account payee cheque or bank draft.
Here A accept total Rs.11000.00 by the way of cash as a deposit from B. so, hence there is no violation U/s 269SS, as the total cash deposit does not exceed Rs. 20000.00
If he receive Rs. 21000.00 as deposit from B, by the way of Cash then total amount of his deposit receive i.e. Rs. 21000.00 will be peanlised U/s 271D
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