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section 269SS

rocky (accountant) (948 Points)

04 March 2018

if Mr. A receive loan from B of rs 19000 in 2016-17, and 18000/- in 2017-18.. should any penalty charge on him?

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6 Replies

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 04 March 2018

yes... penalty of 37000 can be levied under section 271D for a.y. 2018-19

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sunny garg (student) (167 Points)
Replied 04 March 2018

yes , Sec 269ss is violated .
penalty of rs 18000 is attracted in PY 17-18.

sunny garg (student) (167 Points)
Replied 04 March 2018

Not 37009 penalty attracted bcoz when 19000 taken as loan in PY 16-17 limit of rs 20000 not crossed so 19000 not liable to penalty
only 18000 attract penalty in py 17-18.

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RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 04 March 2018

penalty will be 37000 and 18000

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 March 2018

I agreed to Mr Sunny Garg.,

Also the Querist not mentioned the years of AY or FY....!

If both are AY then penalty not applicable....
If both are FY then penalty not applicable for Rs. 19000 (2016-17)... And Penalty levied on Rs. 18000 (2017-18)....

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RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 06 March 2018

according to my opinion, penalty will be levied for the f.y. in which receipt of loan in cash exceeds prescribed limit and the penalty will be levied on the whole amount and not the amount reduced by 20000.. waiting for experts advice..