Section 108 - Insertion of new sections 271C, 271D and 271E - Direct Tax Laws (Amendment) Act, 1987

108. Insertion of new sections 271C, 271D and 271E. After section 271B of the Income-tax Act, the following sections shall be inserted, namely :- 271C. Penalty for failure to deduct tax at source. If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B, he shall be liable to pay, by way of penalty, a sum equal to the amount of the tax which he failed to deduct as aforesaid. 271D. Penalty for failure to comply with the provisions of section 269SS. If a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted. 271E. Penalty for failure to comply with the provisions of section 269T. If a person repays any deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the deposit so repaid. .