Chartered Accountants · Kolkata · Since 2007 +91 98305 33138gaurav@ggoenka.com

Acts

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

CHAPTER XXI

PENALTIES

Penalty for failure to comply with provisions of section 188

453.If a person repays any loan or deposit or specified advance referred to in section 188otherwise 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.

Reference copy from the firm’s resource library, saved on 26 October 2026. Laws, rates and notifications change — for the current position on your matter, please talk to us. Back to the Knowledge Bank.