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Income-tax Act Section 453
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The Income-tax Act, 2025

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

Chapter
XXI · Penalties
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.