It person cash loan to relatives rs:10 lacs money through on cash mode dt:10-10-24 after another dt:10-12-24 cash loan amount rs:10 lacs money repayment from relatives through on bank channel received
Question:
Assessess above transaction penalty provision applicable for it act
The transaction attracts strict penalty provisions under the Income Tax Act. Under Section 269SS, accepting or advancing cash loans of Rs. 10 Lakhs exceeds the permissible limit, and a penalty equal to 100% of the defaulted amount (totaling Rs. 20 Lakhs) is leviable under Section 271D, regardless of the fact that the repayment was handled through banking channels.