Amendment of section 273B.
106. In section 273B of the Income-tax Act, after the word, figures and letters “section 271GA”, the word, figures and letters “section 271GB,” shall be inserted with effect from the 1st day of April, 2017.
Notes on Clauses:
Clause 106 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain cases.
The aforesaid section provides that the penalties referred to in different sections enumerated in the said section 273B shall not be imposable on the person or the assessee for any failure referred to in the said sections, if he proves that there was reasonable cause for the said failure.
It is proposed to amend the said section so as to include the reference of the proposed new section 271GB.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
