Penalty exemption threshold expanded; certain low value foreign assets now excluded from penalty applicability. The amendment substitutes the provisos to sections 42 and 43 to provide that those penalty provisions shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees, with effect from 1st October, 2024.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty exemption threshold expanded; certain low value foreign assets now excluded from penalty applicability.
The amendment substitutes the provisos to sections 42 and 43 to provide that those penalty provisions shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees, with effect from 1st October, 2024.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
