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Section 453 of Income Tax Act, 2025 : Penalty for failure to comply with provisions of section 188

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

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Advocate Shruti Goyal Advocate
Advocate Shruti Goyal is a legal expert specializing in corporate law and compliance. She writes to simplify legal topics for businesses and individuals alike.
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