Amendment of section 273B.
100. In section 273B of the Income-tax Act, after the word, figures and letter “section 271G,”, the word, figures and letter “section 271H,” shall be inserted with effect from the 1st day of July, 2012.
Notes on Clauses:
Clause 100 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain cases.
The existing provisions of the aforesaid section provide that no penalty shall be imposable on the person or the assessee, for failure referred to in sections mentioned therein if he proves that there was reasonable cause for the said failure.
It is proposed to amend the aforesaid section so as to insert there the reference of newly inserted section 271H. The proposed amendment is consequential in nature.
This amendment will take effect from 1st July, 2012.
