Penalty for unauthorized loans and deposits: Assessing Officer may impose a penalty equal to the amount taken. The Assessing Officer is empowered to impose a penalty equal to the amount of any loan, deposit or specified sum taken or accepted in contravention of the ... Summary
Penalty for unauthorized loans and deposits: Assessing Officer may impose a penalty equal to the amount taken.
The Assessing Officer is empowered to impose a penalty equal to the amount of any loan, deposit or specified sum taken or accepted in contravention of the relevant prohibition; the penalty is measured by and corresponds to the quantum so received.
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