Income Tax Law
Income-tax Act, 2025 · CHAPTER XXI — PENALTIES
Section 453Penalty for failure to comply with provisions of section 188
Income-tax Act, 2025 (30 of 2025)
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.
This section refers to
§ 188 Mode of repayment of certain loans or deposits