Penalty structure under section 15C revised to set a minimum daily penalty and an overall capped maximum. Amendment revises section 15C by substituting the prior comparative wording with a provision that "shall not be less than one lakh rupees but which may ... Summary
Penalty structure under section 15C revised to set a minimum daily penalty and an overall capped maximum.
Amendment revises section 15C by substituting the prior comparative wording with a provision that "shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees," thereby specifying a minimum, a mechanism for daily accrual, and an overall maximum cap on penalties.
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