If a person takes or accepts any loan or deposit or specified sum in contravention of the provisions of section 185, the Assessing Officer may impose on him, a penalty equal to the amount of the loan or deposit or specified sum so taken or accepted.

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.