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of <h1>Revised Gift-tax Act Establishes New Penalty Framework for Non-compliance with Section 15 Notices and Information Requirements</h1> The amendment substitutes sections 17 and 17A of the Gift-tax Act with new provisions regarding penalties. Section 17 imposes penalties of 1,000-25,000 for failure to comply with notices under section 15, with exceptions for reasonable cause. Hierarchical approval requirements exist for higher penalties. Section 17A establishes penalties of 500-10,000 for refusing to answer questions, sign statements, or respond to summons, and 100-200 per day for failing to furnish information under section 37. Both sections require giving the person reasonable opportunity to be heard before imposing penalties and specify which tax authorities can impose these penalties.
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