Ca final may 2017 help

In the penalties and applicabilities limits, I will say ''less is more ''.

Just remember the important limits in company's act viz., internal auditor, Audit Committee, Independant Directors, Section 186 etc., 

And wrt penalties, don't cram them... because simply you can't. You will get confused in the exams. Although you might learn 2-3 penaties and see whether you were lucky or not.