Section 453 — Penalty for failure to comply with provisions of section 188
Old Act equivalent: Section 271E of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- If a person repays any loan or deposit or specified advance referred to in section 188 otherwise than in accordance with the provisions of that section, the Assessing Officer may impose on him, a penalty equal to the loan or deposit or specified advance so repaid. [Penalty for failure to furnish statement of financial transaction or reportable account after a notice.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who repays loan/deposit/specified advance otherwise than in accordance with section 188.
- Conditions: Repayment of specified advance in contravention of section 188.
- Time limits: None specified.
- Monetary limits: Sum equal to the loan/deposit/specified advance so repaid.
- Exceptions: None.
Cross-References
- Section 188
Amendment Notes
None noted from the extracted pages.