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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Revised Gift-Tax Act Amendment Introduces Strict Penalties for Non-Compliance with Assessment Procedures Under Section 17A</h1> The statutory amendment replaces section 17A of the Gift-tax Act, establishing penalties for non-compliance with gift tax assessment procedures. Penalties range from 500 to 10,000 rupees for failing to answer questions, sign statements, or produce documents. Additional penalties of 100 to 200 rupees per day apply for delayed information submission. The provision includes procedural safeguards, allowing reasonable cause exemptions and mandating an opportunity to be heard before penalty imposition.
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