Section 453, Income-tax Act, 2025 — Penalty for failure to comply with provisions of section 188

Chapter XXI · Penalties

453Penalty for failure to comply with provisions of section 188.

Section 453 · Chapter XXI · page 539 of the Act

If a person repays any loan or deposit or specified advance referred to in section 188 otherwise than in accordance with the provisions of that section, the Assessing Officer may impose on him, a penalty equal to the loan or deposit or specified advance so repaid.

Section 453 of The Income-tax Act, 2025 is reproduced in full above, as printed by India Code, with its footnotes and amendment markers. Read the whole Act, or browse every Act on Mera Samvidhaan.