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of <h1>Penalties for Violations of Income Application to Related Persons Under Income Tax Act Sections</h1> If during proceedings under the Income Tax Act it is found that a fund, trust, educational institution, hospital, or similar entity has violated provisions restricting benefits to related persons, the Assessing Officer may impose penalties. For a first-time violation, a penalty equal to the amount of income applied, directly or indirectly, for the benefit of related persons is levied. For repeated violations in subsequent years, the penalty is two hundred percent of the aggregate income applied for such benefit. This provision aims to enforce compliance with restrictions on income application to related persons under specified sections of the Act.
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