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of <h1>Penalty equal to unauthorized loan or deposit accepted under section 269SS, shifting penalty authority from Joint Commissioner to Assessing Officer from 2025</h1> A person who accepts any loan, deposit, or specified sum in violation of the provisions of section 269SS is liable to pay a penalty equal to the amount of such loan, deposit, or specified sum. This penalty is imposed by the Joint Commissioner, except that from April 1, 2025, onwards, the Assessing Officer will impose the penalty. The provision aims to enforce compliance with section 269SS by penalizing unauthorized acceptance of loans or deposits.
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