https://www.taxtmi.com/acts?id=50799 The substitution prescribes a penalty framework for noncompliance with notices and investigatory obligations under the Gift tax Act, allowing assessing officers to levy monetary penalties within prescribed ranges subject to a reasonable cause defence, prior approval requirements for higher penalties by subordinate officers, mandated opportunities to be heard, specified limitation periods with enumerated exclusions, allocation of penalty imposing powers according to authority rank, and an inclusive definition of gift tax authorities for exercise of powers similar to civil procedure. en-us Tue, 15 Apr 2025 11:35:46 +0530 Tue, 02 Sep 2025 17:11:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50799 The substitution prescribes a penalty framework for noncompliance with notices and investigatory obligations under the Gift tax Act, allowing assessing officers to levy monetary penalties within prescribed ranges subject to a reasonable cause defence, prior approval requirements for higher penalties by subordinate officers, mandated opportunities to be heard, specified limitation periods with enumerated exclusions, allocation of penalty imposing powers according to authority rank, and an inclusive definition of gift tax authorities for exercise of powers similar to civil procedure. Act-Rules F. Acts / Amendment Acts Tue, 15 Apr 2025 11:35:46 +0530 https://www.taxtmi.com/acts?id=50799