Amendment of section 273B.
87. In section 273B of the Income-tax Act, after the word, figures and letter “section 271-I,”, the word, figures and letter “section 271J,” shall be inserted.
Notes on Clauses:
Clause 87 of the Bill seeks to amend section 273B in the Income-tax Act relating to penalty not to be imposed in certain cases.
It is proposed that penalty shall not be imposable in respect of the proposed section 271J also, if the person proves that there was reasonable cause for the failure referred to in the said section.
This amendment is consequential in nature.
This amendment will take effect from 1st April, 2017.
