Section 26 - Insertion of new section 273B - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

26. Insertion of new section 273B. After section 273A of the Income-tax Act, the following section shall be inserted, namely :- 273B. Penalty not to be imposed in certain cases. Notwithstanding anything contained in the provisions of section 270, clause (a) or clause (b) of sub-section (1) of section 271, section 271A, section 271B, sub-section (2) of section 272A, sub-section (1) of section 272AA, sub-section (1) of section 272B or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. .