TaxTMI 
TaxTMI 
Mode of repayment of certain loans or deposits - Section 269T & Section 271E
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.... or deposit made with it or any specified advance received by it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance, or by use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed if- * the amount of the loan or deposit or sp....
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....he date of such repayment together with the interest, if any, payable on such specified advances, * "Specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place. * However where the repayment is by a branch of a banking company or co-operative bank, such repayment may also....
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....-operative bank; * Any corporation established by a Central, State or provincial Act; * Any government company as defined in section 617 of the companies Act, 1956 * 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. Special Provis....
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....icability - If a person repays any loan or deposit or specified advance referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, * Quantum of Penalty: The penalty is equal to the amount of the loan or deposit or specified advance so repaid. * Authority to I....