Imposed Penalty for Violating Section 269SS by Accepting Cash Loans or Deposits Under Section 271D of Income Tax Act.
Penalty under Section 271D of the Income Tax Act is imposed when an individual takes or accepts any loan, deposit, or specified sum in cash, or through a mode that violates Section 269SS. A "specified sum" refers to any amount of money receivable, whether as an advance or otherwise, concerning the transfer of immovable property, regardless of whether the transfer occurs.
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