Penalty framework for gift tax reporting failures revised, imposing minimum penalties and requiring higher level approval for larger penalties.

Amendments to section 17 restructure the penalty regime under the Gift tax Act by replacing certain clauses to impose a penalty, subject to statutory minimums and ceilings, while exempting cases showing reasonable cause and excluding certain adjustments under section 15. They introduce approval requirements for higher penalties, delineate limitation periods for imposing penalties including exclusions for rehearing time and court stays, and include a transitional provision preserving the earlier section for relevant prior assessments.

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