Section 450 — Penalty for failure to comply with provisions of section 185
Old Act equivalent: Section 271D of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- If a person takes or accepts any loan or deposit or specified sum in contravention of the provisions of section 185, the Assessing Officer may im pose on him, a penalty equal to the amount of the loan or deposit or specified sum so taken or accepted. Penalty for failure to comply with provisions of section 186.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who receives loan/deposit/specified sum in contravention of section 185.
- Conditions: Accepting cash loan/deposit/specified sum exceeding prescribed limit.
- Time limits: None specified.
- Monetary limits: Sum equal to the amount of loan/deposit/specified sum taken.
- Exceptions: Penalty imposable by Joint Commissioner.
Cross-References
- Section 185
- Section 186
Amendment Notes
None noted from the extracted pages.