https://www.taxtmi.com/acts?id=40545 The new provision empowers the Assessing Officer to impose a penalty equal to the aggregate amount of income applied, directly or indirectly, for the benefit of related persons where specified exempt funds, trusts, educational or medical institutions are found to have breached the relevant charitable benefit restrictions on first detection, and an enhanced penalty equal to two hundred per cent. of that aggregate amount where the breach is detected again in a subsequent year; effective 1 April 2023. en-us Tue, 01 Feb 2022 16:05:09 +0530 Fri, 04 Feb 2022 18:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40545 The new provision empowers the Assessing Officer to impose a penalty equal to the aggregate amount of income applied, directly or indirectly, for the benefit of related persons where specified exempt funds, trusts, educational or medical institutions are found to have breached the relevant charitable benefit restrictions on first detection, and an enhanced penalty equal to two hundred per cent. of that aggregate amount where the breach is detected again in a subsequent year; effective 1 April 2023. Act-Rules Bills Tue, 01 Feb 2022 16:05:09 +0530 https://www.taxtmi.com/acts?id=40545