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2017 (11) TMI 202 - HC - Income TaxPenalty levied under Sections 271D and 271E - whether as the Sections do not specify any minimum penalty or maximum penalty, the cases of the assessees are outside the Amnesty Scheme mentioned? - Held that:- A reading of Section 271D shows that a person who is liable to pay penalty thereunder shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so taken or accepted, in contravention of Section 269SS. Similarly, under Section 271E also, the penalty provided is a sum equal to the amount of loan or deposit or specified advance, if so repaid. When a specified sum is so provided as the penalty, such specified sum is the minimum penalty payable. That does not, however, mean that the benefit of the Scheme can be claimed only by those assessee who have been levied penalty under the provisions of the Act providing for minimum penalty and maximum penalty.
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