Penalty for failure to comply with provisions of section 185
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
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.
