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New Delhi: The wads of currency notes flashed by three opposition MPs inside the Lok Sabha Tuesday as alleged bribes to abstain from voting on the trust motion not only stand to be confiscated but could also land them in trouble, experts said.
"As per Section 269 SS of the Income Tax Act, no person is allowed to accept more than Rs20,000 as cash," a senior chartered accountant with a leading foreign firm said.
"The penalty for violation under Section 271 D is at least to the extent of amount of cash accepted. If some other provisions have been violated, the penalty could be more," the chartered accountant, who is among the firm's partners, added.
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