Penalty under section 271AAE: first breach equals income misapplied; repeat breaches attract a doubled penalty amount. Penalty provision prescribes that where an institution applies income for the benefit of an interested person the first breach attracts a penalty equal to the extent of income so applied, and any subsequent breach in later years attracts a penalty equal to twice the amount of such misapplied income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under section 271AAE: first breach equals income misapplied; repeat breaches attract a doubled penalty amount.
Penalty provision prescribes that where an institution applies income for the benefit of an interested person the first breach attracts a penalty equal to the extent of income so applied, and any subsequent breach in later years attracts a penalty equal to twice the amount of such misapplied income.
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