Non compliance with property transfer and surrender obligations triggers penal exposure including imprisonment and fine, with a time bar on proceedings. Non compliance with obligations to transfer, surrender or deliver possession of property as required by the specified income tax provisions attracts ... Summary
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Non compliance with property transfer and surrender obligations triggers penal exposure including imprisonment and fine, with a time bar on proceedings.
Non compliance with obligations to transfer, surrender or deliver possession of property as required by the specified income tax provisions attracts criminal liability, including rigorous imprisonment and fine, subject to a statutory minimum term unless the court records special and adequate reasons to the contrary; additionally, initiation of proceedings under this penal provision is barred on or after the specified cutoff date.
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