https://www.taxtmi.com/acts?id=43310 The Commission may impose a monetary penalty on persons liable under Section 48 capped at a proportion of the person's average income for the three preceding financial years. In setting the percentage the Commission will consider factors such as the nature and gravity of the company's contravention, the person's role, duration and extent of involvement, cooperation during investigation, repeated contraventions, evidence of limited involvement, and other case-specific factors. Average income is derived from gross total income in tax returns excluding house property and capital gains; where returns are unavailable, a Chartered Accountant certificate with an affidavit may be used. Cartel cases are subject to the same factors and methodology. en-us Tue, 12 Mar 2024 18:07:05 +0530 Fri, 27 Sep 2024 11:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43310 The Commission may impose a monetary penalty on persons liable under Section 48 capped at a proportion of the person's average income for the three preceding financial years. In setting the percentage the Commission will consider factors such as the nature and gravity of the company's contravention, the person's role, duration and extent of involvement, cooperation during investigation, repeated contraventions, evidence of limited involvement, and other case-specific factors. Average income is derived from gross total income in tax returns excluding house property and capital gains; where returns are unavailable, a Chartered Accountant certificate with an affidavit may be used. Cartel cases are subject to the same factors and methodology. Act-Rules Law of Competition Tue, 12 Mar 2024 18:07:05 +0530 https://www.taxtmi.com/acts?id=43310