https://www.taxtmi.com/acts?id=53744 Recovery of penalties under the Companies Act is enabled through a certificate-based mechanism where the Recovery Officer may enforce unpaid amounts by attachment and sale of movable or immovable property, attachment of bank accounts, arrest and detention, or appointment of a receiver. The provision incorporates the recovery machinery of the Income-tax Act and its certificate proceedings rules with necessary modifications, extends recovery to property or monies transferred without adequate consideration to specified relatives, and treats references to the assessee and appellate provisions as references to the person named in the certificate and the appellate authority under the Act. Interest for recovery purposes runs from the date the amount became payable, and the Recovery Officer may seek local district administration assistance. en-us Tue, 24 Mar 2026 15:21:06 +0530 Tue, 24 Mar 2026 15:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53744 Recovery of penalties under the Companies Act is enabled through a certificate-based mechanism where the Recovery Officer may enforce unpaid amounts by attachment and sale of movable or immovable property, attachment of bank accounts, arrest and detention, or appointment of a receiver. The provision incorporates the recovery machinery of the Income-tax Act and its certificate proceedings rules with necessary modifications, extends recovery to property or monies transferred without adequate consideration to specified relatives, and treats references to the assessee and appellate provisions as references to the person named in the certificate and the appellate authority under the Act. Interest for recovery purposes runs from the date the amount became payable, and the Recovery Officer may seek local district administration assistance. Act-Rules Bills Tue, 24 Mar 2026 15:21:06 +0530 https://www.taxtmi.com/acts?id=53744