S.269SS and S.269T mandate that transactions in the nature of acceptance/repayment of loan/ deposit etc should be done through account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. Non-adherence of provisions of S.269SS or S.269T invites penalty u/s 271D & E, respectively. However, S.273B provides a safe harbor if such default is because of a reasonable cause.
In its recent judgment Mumbai ITAT has observed, ๐๐ต๐ฒ๐ฟ๐ฒ๐ถ๐ป ๐น๐ผ๐ฎ๐ป ๐๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฎ๐ฟ๐ฒ ๐๐พ๐๐ฎ๐ฟ๐ฒ๐ฑ ๐ผ๐ณ๐ณ ๐ฏ๐ ๐ท๐ผ๐๐ฟ๐ป๐ฎ๐น ๐ฒ๐ป๐๐ฟ๐ถ๐ฒ๐ ๐ถ๐ป ๐ฎ ๐ฏ๐ฎ๐ฐ๐ธ๐ฑ๐ฟ๐ผ๐ฝ ๐ผ๐ณ ๐ด๐ฒ๐ป๐๐ถ๐ป๐ฒ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐, ๐ถ๐ ๐๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ฎ๐ณ๐ฒ ๐๐ผ ๐ฐ๐ผ๐ป๐ฐ๐น๐๐ฑ๐ฒ ๐๐ต๐ฎ๐ ๐๐ต๐ฒ๐๐ฒ ๐ฒ๐ป๐๐ฟ๐ถ๐ฒ๐ ๐๐ฒ๐ฟ๐ฒ ๐ฝ๐ฎ๐๐๐ฒ๐ฑ ๐ผ๐๐ ๐ผ๐ณ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ฐ๐ผ๐ป๐๐๐ฟ๐ฎ๐ถ๐ป๐๐, ๐ฒ๐ ๐ถ๐ด๐ฒ๐ป๐ฐ๐ถ๐ฒ๐ ๐ฎ๐ป๐ฑ ๐ฎ๐ฑ๐บ๐ถ๐ป๐ถ๐๐๐ฟ๐ฎ๐๐ถ๐๐ฒ ๐ฐ๐ผ๐ป๐๐ฒ๐ป๐ถ๐ฒ๐ป๐ฐ๐ฒ. Such business constraints, exigencies, and administrative convenience ๐๐ผ๐๐น๐ฑ ๐ฐ๐ผ๐ป๐๐๐ถ๐๐๐๐ฒ ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐ฎ๐ฏ๐น๐ฒ ๐ฐ๐ฎ๐๐๐ฒ ๐๐ถ๐๐ต๐ถ๐ป ๐๐ต๐ฒ ๐บ๐ฒ๐ฎ๐ป๐ถ๐ป๐ด ๐ผ๐ณ ๐ฆ.๐ฎ๐ณ๐ฏ๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐๐ฐ๐ ๐ฎ๐ป๐ฑ ๐ฝ๐ฒ๐ป๐ฎ๐น๐๐ ๐๐ผ๐๐น๐ฑ ๐ป๐ผ๐ ๐ฏ๐ฒ ๐ฎ๐ฝ๐ฝ๐น๐ถ๐ฐ๐ฎ๐ฏ๐น๐ฒ ๐ถ๐ป ๐๐พ๐๐ฎ๐ฟ๐ถ๐ป๐ด ๐ผ๐ณ ๐๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐.
[ ๐ /๐. ๐ ๐ฎ๐ฐ๐ฟ๐ผ๐๐ฒ๐ฐ๐ต ๐๐ฒ๐๐ฒ๐น๐ผ๐ฝ๐ฒ๐ฟ๐ ๐๐๐ฑ., ๐๐ง๐ ๐ก๐ผ.๐ฏ๐ฌ๐ฐ๐ต & ๐ฐ๐ฌ๐ฑ๐ฐ /๐ ๐๐บ/๐ฎ๐ฌ๐ญ๐ต]
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