- Shweta Verma
September 18, 2026
Section 49 – General Provisions Relating to Penalty: Compliance Checklist
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Section 49 – General Provisions Relating to Penalty: Compliance Checklist
|
Sr. No. |
Compliance Checkpoint |
What to Check |
|
1 |
Assess gain or unfair advantage |
Determine the amount of gain or unfair advantage obtained due to the contravention, wherever quantifiable. |
|
2 |
Assess loss caused or likely to be caused |
Evaluate the actual or potential loss caused to any person as a result of the contravention. |
|
3 |
Check repetitive nature |
Verify whether the contravention is a first-time occurrence or has been repeated. |
|
4 |
Consider knowledge of contravention |
Assess whether the contravention occurred without the knowledge of the person/entity concerned. |
|
5 |
Consider other relevant factors |
Identify and document any other circumstances or factors relevant for determining the quantum of penalty. |
|
6 |
Maintain supporting records |
Keep records/evidence supporting the assessment of gain, loss, repetition, lack of knowledge and other relevant factors for penalty proceedings. |
Author Bio
Shweta Verma
CS Trainee View Full Profile
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