Section 450 of Income Tax Act, 2025 : Penalty for failure to comply with provisions of section 185 HomeIncome Tax Act, 2025Section 450 of Income Tax Act, 2025 : Penalty for failure to comply with provisions of section 185 published by Advocate Shruti Goyal | February 20, 2025 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.