Benefits to related persons

445. If during any proceedings under this Act, it is found that a person being a registered non-profit organisation has any specified income which is charge- able to tax as per section 337 (Table: Sl. No. 2), the Assessing Officer may impose on such person, a penalty of— 9. Omitted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its omission, section 443 read as under : “443. Penalty in respect of certain income.— (1) The Assessing Officer or the Joint Commis - sioner (Appeals) or Commissioner (Appeals) may impose a penalty of 10% of the tax payable under section 195(1)(i), on an assessee if the income determined in his case for any tax year includes any income referred to in section 102, 103, 104, 105 or 106. (2) The penalty under sub-section (1) shall be payable in addition to the tax payable under section 195. (3) No penalty shall be levied on income referred to in section 102, 103, 104, 105 or 106 to the extent such income has been included by the assessee in the return of income furnished under section 263 and the tax as per section 195(1)(i) has been paid on or before the end of the relevant tax year. (4) No penalty under section 439 shall be imposed upon the assessee in respect of income referred to in sub-section (1).” ( a) a sum equal to the aggregate amount of income applied, directly or in - directly, by such person, for the benefit of any related person referred to in section 355(h), if the violation is noticed for the first time during any tax year; and ( b) a sum equal to 200% of the aggregate amount of income of such person applied, directly or indirectly, by that person for the benefit of any per- son referred to in section 355(h), if the violation is noticed again in any subsequent tax year. 10[Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.