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of <h1>Section 276DD Omitted: No More Penalties for Violating Section 269SS Loan and Deposit Rules</h1> Section 276DD of the Income-tax Act, 1961, which originally prescribed penalties including imprisonment and fines for accepting loans or deposits in violation of section 269SS, has been omitted. The provision, initially introduced by the Finance Act, 1984, and subsequently amended, was removed effective April 1, 1989. Prior to its omission, it imposed imprisonment up to two years and fines equivalent to the loan or deposit amount for non-compliance with section 269SS.
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