Penalty for failure to comply with the provisions of section 269SS.

7[(1)] If a person takes or accepts any loan or deposit 8[or specified sum] in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit 8[or specified sum] so taken or accepted.

9[(2) Any penalty imposable under sub-section (1) shall be imposed by the 5[Joint Commissioner].] 10[271DA. Penalty for failure to comply with provisions of section 269ST.—(1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:

Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention.

1. (2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.]