Section 105 - Insertion of new section 272BBB - Finance Act, 2002

105. Insertion of new section 272BBB.- After section 272BB of the Income-lax Act, the following section shall be inserted with effect from the 1 si day of June, 2002, namely:- "272BBB. Penalty for failure to comply with the provisions of section 206CA- (1) If a person fails to comply with the provisions of section 206CA, he shall, on an order passed by the Assessing Officer, pay, by way of penalty, a sum often thousand rupees. (2) No order under sub-section (1) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard in the matter.".