Penalty for unauthorized loans: accepting prohibited loans or deposits can attract a penalty equal to the amount received. Where a person takes or accepts any loan, deposit, or specified sum in breach of the prohibition governing acceptance of such funds, the Assessing Officer ... Summary
Penalty for unauthorized loans: accepting prohibited loans or deposits can attract a penalty equal to the amount received.
Where a person takes or accepts any loan, deposit, or specified sum in breach of the prohibition governing acceptance of such funds, the Assessing Officer may impose a penalty equal to the full amount of the loan, deposit, or specified sum so taken or accepted.
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