Section 106 - Substitution of new section for section 271 - Direct Tax Laws (Amendment) Act, 1987

106. Substitution of new section for section 271. For section 271 of the Income-tax Act, the following section shall be substituted, namely :- 271. Failure to comply with notices. If the Assessing Officer, in the course of any proceedings under this Act, is satisfied that any person has failed to comply with a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or with a direction issued under sub-section (2A) of section 142, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure. .