Penalty for failure to give notice of discontinuance: tax-linked penalty with minimum threshold up to assessed tax. Section 272 was omitted; formerly it empowered the Income-tax Officer to recover a tax-referenced penalty for failure to give notice of discontinuance, ... Summary
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Penalty for failure to give notice of discontinuance: tax-linked penalty with minimum threshold up to assessed tax.
Section 272 was omitted; formerly it empowered the Income-tax Officer to recover a tax-referenced penalty for failure to give notice of discontinuance, subject to a statutory minimum percentage of tax and capped at the amount of tax subsequently assessed on income of the business or profession up to the date of discontinuance.
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