Recovery of penalty imposed under Competition act 2002 may make a reference to the concerned income-tax authority under the Income-tax Act, 1961 for the recovery of the penalty as tax due

Recovery of penalty imposed under Competition act 2002 may make a reference to the concerned income-tax authority under the Income-tax Act, 1961 for the recovery of the penalty as tax due https://www.taxtmi.com/acts?id=50091 The Commission may refer unpaid competition penalties to the Income-tax authority under section 39(2) to be recovered as tax due, treating the defaulting enterprise or person as an assessee in default; specified Income-tax Act recovery provisions (sections 221-227, 228A, 229, 232 and the Second Schedule) and related rules apply; Form V prescribes the particulars and instructs the Tax Recovery Officer to recover the penalty and inform the Commission of recovery. en-us Tue, 04 Mar 2025 11:12:03 +0530 Tue, 04 Mar 2025 11:56:46 +0530 TaxTMI RSS Generator Recovery of penalty imposed under Competition act 2002 may make a reference to the concerned income-tax authority under the Income-tax Act, 1961 for the recovery of the penalty as tax due https://www.taxtmi.com/acts?id=50091 The Commission may refer unpaid competition penalties to the Income-tax authority under section 39(2) to be recovered as tax due, treating the defaulting enterprise or person as an assessee in default; specified Income-tax Act recovery provisions (sections 221-227, 228A, 229, 232 and the Second Schedule) and related rules apply; Form V prescribes the particulars and instructs the Tax Recovery Officer to recover the penalty and inform the Commission of recovery. Act-Rules Law of Competition Tue, 04 Mar 2025 11:12:03 +0530 https://www.taxtmi.com/acts?id=50091