Penalty on Receiving Any Sum in Contravention of Section 269ST
Nature of Default
Penalty shall be imposed if a person receives Rs. 2,00,000 or more from a person in cash or prohibited mode in contravention of Section 269ST.
Quantum of Penalty
• The Assessing office shall impose a penalty equal to the amount of the sum received in contravention.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.