Section 445 — Benefits to related persons
Old Act equivalent: Section 271AAD of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- If during any proceedings under this Act, it is found that a person being a registered non-profit organisation has any specified income which is charge able to tax as per section 337 (Table: Sl. No. 2), the Assessing Officer may impose on such person, a penalty of—
Provisos
None.
Explanations
None.
Tables
See statutory text above.
Key Structure
- Applies to: Person who violates provisions of section 355 regarding benefits to related persons.
- Conditions: Violation of section 355 provisions relating to benefits to specified persons.
- Time limits: None specified.
- Monetary limits: 100% of aggregate amount of income applied for benefit (first violation); 200% (subsequent violations).
- Exceptions: None.
Cross-References
- Section 337
Amendment Notes
None noted from the extracted pages.