Mode of taking or accepting certain loans, deposits and specified sum - Section 269SS & 271D

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....erwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if - * (a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum is Rs. 20,000 or more, * (b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum t....

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.... * such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette Note:- This section shall not apply where borrower and lender are having only agricultural income and neither of them has any income chargeable to tax under this Act. * w.e.f. 01.0....

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....f this section, he shall be liable to pay, by way of penalty under section 271D, * a sum equal to the amount of loan or deposit or specified sum so taken or accepted unless he can prove that there was reasonable cause for doing so. * Quantum of Penalty - a sum equal to the amount of the loan or deposit or specified sum so taken or accepted. * Authority to impose the penal....