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<h1>Section 274: Assessee Must Be Heard Before Penalty Imposition; Approval Needed for Large Penalties.</h1> Section 274 outlines the procedure for imposing penalties under the Income Tax Act. It mandates that no penalty can be imposed without giving the assessee a chance to be heard. Penalties exceeding specified amounts require prior approval from the Joint Commissioner. The Central Government can implement schemes to enhance efficiency and transparency in penalty imposition, allowing for dynamic jurisdiction and reduced direct interaction between tax authorities and assessees. Notifications related to such schemes must be presented to Parliament. Penalties are determined based on the law at the time of the default. Orders made without hearing the assessee are void.
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