Accepted cash deposits above Rs. 20000- Section 271D penalty leviable

N.S.S. Karayogam Vs CIT (Kerala High Court) In the given case, the appellant is a society which is a company registered under Section 8 of the Companies Act, 2013. While finalising the assessment of income tax of the appellant with respect to the year 2005-2006, the Assessing Officer found that, during the previous year, the assessee had conducted finance business by violating the provisions contained in Section 269SS of the Income Tax Act by accepting deposits in cash from various clients, exceeding the sum of Rs.20,000/-. On the recommendation of the Assessing Authority, penalty proceedings ...