HC: Allows writ; Quashes Sec. 271D penalty on loan accepted through electronic banking route

Mar 15,2018

Delhi HC allows taxpayer-assessee’s writ, quashes penalty u/s. 271D (for contravening Sec. 269SS provision) imposed for accepting loan by way of electronic transfer; Assessee had argued that Finance (No. 2) Act, 2014 amendment in Sec. 269SS allowing use of ECS was curative in nature and hence should be applied retrospectively; Further, assessee had argued that penalty is contrary to the legislative intent.

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