Penalty for non compliance with tax notices: monetary sanctions subject to reasonable cause and procedural safeguards. The substitution prescribes a penalty framework for noncompliance with notices and investigatory obligations under the Gift tax Act, allowing assessing ... Summary
Penalty for non compliance with tax notices: monetary sanctions subject to reasonable cause and procedural safeguards.
The substitution prescribes a penalty framework for noncompliance with notices and investigatory obligations under the Gift tax Act, allowing assessing officers to levy monetary penalties within prescribed ranges subject to a reasonable cause defence, prior approval requirements for higher penalties by subordinate officers, mandated opportunities to be heard, specified limitation periods with enumerated exclusions, allocation of penalty imposing powers according to authority rank, and an inclusive definition of gift tax authorities for exercise of powers similar to civil procedure.
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