https://www.taxtmi.com/acts?id=24687 Section 126 requires that penalties be imposed only after a show cause notice and hearing, based on the totality of facts, commensurate with the severity of the breach, and with clear specification of the nature of the breach and the legal provision relied upon; it also bars substantial penalties for minor breaches, procedural lapses, and readily rectifiable errors without fraud or gross negligence, while prescribed fixed penalties apply where provided. en-us Mon, 03 Apr 2017 16:35:31 +0530 Mon, 03 Apr 2017 16:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=24687 Section 126 requires that penalties be imposed only after a show cause notice and hearing, based on the totality of facts, commensurate with the severity of the breach, and with clear specification of the nature of the breach and the legal provision relied upon; it also bars substantial penalties for minor breaches, procedural lapses, and readily rectifiable errors without fraud or gross negligence, while prescribed fixed penalties apply where provided. Act-Rules Bills Mon, 03 Apr 2017 16:35:31 +0530 https://www.taxtmi.com/acts?id=24687