https://www.taxtmi.com/acts?id=40769 A provision authorises the Assessing Officer to levy a penalty on tax-exempt funds, trusts, educational or medical institutions that apply income for the benefit of related persons: an amount equal to the aggregate income so applied for a first detected breach, and an escalated penalty equal to twice that aggregate amount where the contravention is found again in a later year. en-us Tue, 29 Mar 2022 15:53:28 +0530 Tue, 05 Aug 2025 14:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40769 A provision authorises the Assessing Officer to levy a penalty on tax-exempt funds, trusts, educational or medical institutions that apply income for the benefit of related persons: an amount equal to the aggregate income so applied for a first detected breach, and an escalated penalty equal to twice that aggregate amount where the contravention is found again in a later year. Act-Rules Income Tax Tue, 29 Mar 2022 15:53:28 +0530 https://www.taxtmi.com/acts?id=40769