Penalty authority change: Assessing Officer to impose penalties under section 271E for failures under section 269T. The Bill amends section 271E to transfer authority to impose the penalty for non compliance with the provision governing prohibited receipt transactions ... Summary
Penalty authority change: Assessing Officer to impose penalties under section 271E for failures under section 269T.
The Bill amends section 271E to transfer authority to impose the penalty for non compliance with the provision governing prohibited receipt transactions from the Joint Commissioner to the Assessing Officer, effective 1st April, 2025, subject to the procedural limitation in subsection (2) of the related procedural provision.
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