https://www.taxtmi.com/article/detailed?id=8309 Sections 269SS, 269ST and 269T mandate non-cash modes for acceptance, receipt and repayment of specified sums (including advances relating to immovable property) and permit limited exemptions; section 271D imposes a penalty equal to the amount accepted in contravention of section 269SS. The article argues that the strict penalty and mode restrictions may discourage truthful disclosure and unintentionally sustain black-money circulation, suggesting legislative modification to incentivise disclosure while enabling the tax administration to trace and tax counterparties. en-us Fri, 04 Jan 2019 06:42:40 +0530 Fri, 04 Jan 2019 06:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8309 Sections 269SS, 269ST and 269T mandate non-cash modes for acceptance, receipt and repayment of specified sums (including advances relating to immovable property) and permit limited exemptions; section 271D imposes a penalty equal to the amount accepted in contravention of section 269SS. The article argues that the strict penalty and mode restrictions may discourage truthful disclosure and unintentionally sustain black-money circulation, suggesting legislative modification to incentivise disclosure while enabling the tax administration to trace and tax counterparties. Articles Income Tax Fri, 04 Jan 2019 06:42:40 +0530 https://www.taxtmi.com/article/detailed?id=8309